https://newsletter.mw.creamermedia.com
Financial
Financial
financial

Bushveld refinances convertible loan notes with Orion Mine Finance

Bushveld Minerals CEO Craig Coltman

Bushveld Minerals CEO Craig Coltman

27th November 2023

By: Creamer Media Reporter

     

Font size: - +

Integrated primary vanadium producer Bushveld Minerals has entered into a conditional agreement to refinance its existing convertible loan notes with Orion Mine Finance, following the term sheet agreed in May this year.

The conditional agreement extends the maturity date for Bushveld's existing convertible loan notes to January 31, 2024, from December 21, this year, and refinances the convertible debt obligations of about $46.9-million.

The refinancing is conditional upon approval by Bushveld's shareholders; the raising of at least $12-million through the issue of new ordinary shares in Bushveld to third-party and existing shareholders; consent by the Financial Surveillance Department of the South African Reserve Bank; and completion of the share exchange transaction between Bushveld and the minority shareholders in Bushveld Vametco Holdings.

"I am pleased to announce today's agreement with Orion, which has supported the company since its initial investment three years ago. Since first announcing the terms of the proposed restructuring earlier this year, there has been an imperative to enter into a binding agreement with Orion, and while the refinancing remains conditional upon certain items, including Bushveld shareholders' approval, it provides certainty as we move forward with the other elements of our financial package.

"The restructuring is a key part of our strategy to restore value in the company, along with ensuring Bushveld delivers its operational targets, simplifies its corporate structure and refines its investment proposition," comments Bushveld CEO Craig Coltman.

 

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Article Enquiry

Email Article

Save Article

To advertise email advertising@creamermedia.co.za or click here

Showroom

ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 
Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

This week: Africa must collaborate to protect the planet; Engen showcases digital innovation, long-term commitment to coal sector at Coal Africa 2025 and, Pilot Crushtec demonstrates innovation, sustainability in crushing solutions at Coal Africa 2025
Resources Watch
22nd October 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.206s - 127pq - 2rq
Subscribe Now