Bushveld Minerals Limited completed sale of 1% equity interest in Bushveld Vametco Holdings to Black Economic Empowerment
Date: Sep 28, 2018
Bushveld Minerals Limited (LON: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets, today announced that it has completed the sale of a 1% equity interest in Bushveld Vametco Holdings (Proprietary) Limited (“Vametco”) to its two Black Economic Empowerment shareholders Business Ventures Investments No. 1833 (Proprietary) Limited and Business Ventures Investments No. 973 (Proprietary) Limited (“BEE Shareholders”) for a total cash consideration of R1,780,000.
The commitment to conclude the transaction at the agreed consideration was made by the previous Strategic Minerals Corporation (“SMC”) owners, prior to Bushveld’s acquisition, with a view to meeting the Black Economic Empowerment equity requirements as set out in the current Mining Charter. Accordingly, the sale increases Vametco’s Black Economic Empowerment shareholding from the current 25.0% to 26.0%, ensuring Vametco is fully compliant with the minimum Black Economic Empowerment ownership requirements of the current Mining Charter. Bushveld’s shareholding in Vametco, through its wholly owned subsidiary SMC, accordingly reduces to 74%.
Terms of the sale agreement are as follows:
