Bushveld Minerals Limited (AIM:BMN) signed an agreement to acquire remaining 26% stake in Vametco Vanadium Mine from Business Venture Investments 973 Proprietary Limited and Business Venture Investments No. 1833 Proprietary Limited on October 30, 2023. Bushveld will issue 232.83 million shares along with payment of ZAR 18 million in cash to BVI 1833.Completion of the Transaction also secures fulfilment of a key condition precedent to the Orion Convertible Loan Note Refinancing agreement, announced on 27 November 2023.The Transaction is subject to South African Reserve Bank approval, which is expected to be received within 6 weeks. As on December 19, 2023, Bushveld Minerals has met all the necessary conditions and received final approval from the South African Reserve Bank. Completion of the Transaction will take place on the later of the fifth business day following SARB approval being granted or the Company publishing an announcement to confirm completion of the Company's debt restructuring transaction. Following completion of the Transaction, BVH will apply to the Minister of Mineral Resources and Energy to amend and update the BVH Mining Right to reflect the updated ownership structure. Richard Morrison, Charlie Bouverat, Grant Baker, Richard Parlons of SP Angel Corporate Finance LLP acted as financial advisors to Bushveld Minerals Limited (AIM:BMN).

Bushveld Minerals Limited (AIM:BMN) completed the acquisition of remaining 26% stake in Vametco Vanadium Mine from Business Venture Investments 973 Proprietary Limited and Business Venture Investments No. 1833 Proprietary Limited on December 19, 2023.