Bushveld Minerals raises US$22.2mln for vanadium expansion programme
Date: Mar 27, 2018
Bushveld Minerals Limited (LON:BMN) has announced a US$22.2mln equity funding to support the group’s vanadiumexpansion programme.
The funding was backed by a consortium of cornerstone investors, including the original founders of Mimosa Platinum and LionOre Mining International, and key investors in Mantra Resources.
Some 152mln new shares are being sold at a price of 10.3p, representing the 5-day volume weighted average price, and the new stock equates to 14.4% of the issued share capital.
“We are delighted by the response from investors to this capital raise which was significantly oversubscribed,” said Fortune Mojapelo, Bushveld chief executive.