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Bushveld Minerals Share Price Slides After Revealing Final Loan Repayment Terms

Updated: 27 Oct 2021

Bushveld Minerals (LON: BMN) shares have declined Wednesday after the company announced the final terms for the repayment of the $11.5 million unsecured convertible loan notes held by Duferco Participations Holding S.A.

The remaining balance of the Duferco convertible notes was due for payment on 8 November. However, since then, the company has progressed in negotiations with Duferco, confirming that an agreement has now been reached.

On November 8, Duferco will convert $9 million of the principal outstanding under the loan notes into new ordinary shares of Bushveld, with Bushveld repaying the $2.5 million, together with accrued interest on the notes of approximately $0.512 million in cash, to Duferco.

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Fortune Mojapelo, CEO of Bushveld Minerals, stated: “I am pleased that Duferco will convert US$9 million of the principal outstanding under the loan notes into Bushveld Minerals shares, which will reduce our debt position significantly while also making a material reduction at the net debt level given that most of the repayment will be made using Bushveld shares.”

Bushveld shares are currently down over 1% at 9.92p on the news, falling as low as 9.7p earlier in the session. At the end of September, the company's shares fell after making a loss in H1.

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