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Bushveld restructures acquisition deal for Vametco mine

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Bushveld restructures acquisition deal for Vametco mine

BushveldMinerals Ltd. has amended the acquisition agreement for the Vametcovanadium mine and plant in South Africa from Evraz Group SA and will now complete the transaction inone stage, instead of two, according to the July 25 statement.

The company is acquiring Evraz's 78.8% economic interest in ,which owns the Vametco mine.

Bushveld will have a 45% interest in , with theremaining 55% interest to be held by Yellow Dragon Holdings Ltd.

About US$16.5 million will be paid under the amended deal,compared to approximately US$17.2 million previously.

An additional payment of US$646,000 will also be made assecurity for completion, which, along with an exclusivity fee and completionsecurity fee of US$1.0 million, will be set off against the final purchaseprice.

In addition, the completion date has been pulled back byover three months to March 31, 2017, from July 15, 2017.

The transaction remains subject to Bushveld and YellowDragon funding the acquisition.

Bushveld Vametco will also be assigned a seat on StrategicMinerals' board with observer status, up to transaction completion.