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Bushveld raises £1.25m

30th October 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – London-listed Bushveld Minerals has successfully raised £1.25-million, after the placing of 36.7-million shares at 3.4p apiece.

The mineral development company would use the proceeds for the ongoing development of its Bushveld iron-ore project and Mokopane tin project, as well as general working capital purposes, said CEO Fortune Mojapelo.

Participants in the placing, which was coordinated by Fox-Davies Capital, would be issued one warrant – with an exercise price of 5p each for a period of two years – for one share.

The warrant would enable Bushveld Minerals to access a further £1.8-million, provided the group’s share price returned to more than 5p a share and all warrants were exercised.

Bushveld expected the new shares to trade on the Aim from November 5.

Any other required funds would be raised through the introduction of strategic partners at the project level to reduce any further dilution to Bushveld shareholders.

Edited by Creamer Media Reporter

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