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IN BRIEF: Bushveld and Primorus revise terms of loan note agreement

14th Jul 2023 18:54

Bushveld Minerals Ltd - Iron ore and tin exploration and development company with operations in South Africa - Agrees with London-based investment firm Primorus Investments PLC to alter the terms of the Bushveld convertible loan note, first announced on January 19 2022.

At the July 14 maturity date, the total principal amount and accrued interest of the outstanding BCLN held by Primorus was around GBP910,000. Bushveld and Primorus have agreed in principle to vary the terms of repayment such that Bushveld will make the repayment in cash as opposed to shares. Bushveld is to make an initial USD150,000 payment to Primorous, followed by bi-weekly payments of USD125,000 with the final payment to be made before November 30. During the repayment period, the outstanding balance shall bear interest at an annual rate of 10%.

Current Bushveld Minerals stock price: 3.20 pence

12-month change: down 44%

Current Primorus Investments stock price: 2.40 pence

12-month change: down 27%

By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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