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Bushveld Minerals raising US$22.2M to reorganize, expand vanadium ops

Bushveld Minerals Ltd. is raising US$22.2 million through an oversubscribed placing of 152,749,172 shares priced at 10.3 British pence apiece, representing approximately 14.4% of its issued share capital on admission to the London Stock Exchange's AIM, which is anticipated March 29.

The company said March 26 that it will use US$9 million to reorganize in a bid to increase cash flow; US$6.3 million is earmarked to redeem an outstanding convertible bond and US$5.6 million will go toward a vanadium expansion program.

Bushveld Minerals will work on expanding vanadium reserves and resources at its Vametco mine and its Brits project, both in South Africa, to increase production to more than 5,000 tonnes per year.