Bushveld - Re: BMN Stream Log - Beaufort's note from this morning:...

Beaufort's note from this morning: "Bushveld Minerals, a diversified mineral development company with a portfolio of vanadium, iron ore, tin and coal assets in Africa, announced today that it has secured financing amounting to US$5.2m with strategic and financial partners. The proceeds will be used to complete the first phase of the acquisition of Strategic Minerals Corporation (SMC) from Evraz Group as announced on 9 May 2016. Bushveld with its partner Yellow Dragon, a private and strategic investor in African resource projects, will own 45% and 55% equity interest, respectively in Bushveld Vametco Limited (BVL), a special purpose vehicle established for the acquisition. SMC owns the producing Vametco vanadium mine in South Africa (Vametco Alloys). The total consideration of the acquisition is US$17.2m and will be executed in two tranches of US$4.7m and US$12.5m. Upon completion of Tranche 1, BVL will have an effective interest of 23% in SMC, which would increase to 78.8% on completion of Tranche 2. Bushveld will fund its portion through a placing of 98.3M new shares at a price of 1.8p per share. The funding package agreed with Yellow" From Research Tree