Aim-listed diversified miner Bushveld Minerals has redeemed the outstanding unsecured convertible bonds that were issued to Atlas Special Opportunities in September 2017.
In line with its stated intentions at the time of its $22-million placing in March, the convertible bonds were settled in full for a final aggregate of £5.1-million, including interest and early redemption charges.
Bushveld CEO Fortune Mojapelo said Atlas supported the company with the capital required at the time to build on its objectives and strategy of becoming one of the world’s largest, low-cost integrated primary vanadium platforms.
“We now find ourselves in an optimum position to further develop and expand our business going into the second half of the year.”
The company's flagship vanadium platform includes a 59.1% controlling interest in Bushveld Vametco Alloys – a primary vanadium mining and processing company; the Mokopane vanadium project and the Brits vanadium project.
Bushveld also has coal and tin interests.