Business
Announcement by Bushveld Minerals Limited
Announcement by Bushveld Minerals Limited.
About this update from Defi Development Corporation Uk Plc
[{"type":"text","content":"\n\n28 July 2023\n \nMustang Energy PLC\n(\"MUST\" or the \"Company\")\nAnnouncement by Bushveld Minerals Limited\nMustang Energy PLC (the \"Company\"), the special purpose acquisition company, notes the announcement today by Bushveld Minerals Limited; of which an excerpt is copied below.\nThe Company will update shareholders in the next 7 days on subsequent developments.\n \nBushveld Minerals Limited\n(\"Bushveld Minerals\", \"Bushveld\" or the \"Company\")\nEnerox Update\n \nBushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer and energy storage solutions provider, announces that VRFB Holdings Limited (\"VRFB-H\") has received notice from Garnet Commerce Limited (\"Garnet\") regarding its option in Enerox Holdings Limited (\"EHL\"), which wholly owns Enerox GmbH (Enerox).\n \nTransaction details\n \nGarnet has given notice to VRFB-H that it is exercising the option set out in the RNS dated 12 April 20231, to pay to EHL, or directly to its subsidiary, Enerox, US$3,250,0002, in return for shares in EHL that will result in Garnet holding 60% of the issued share capital of Enerox and VRFB-H holding the remaining 40%.\n \n1. Subject to obtaining approval from the Austrian Minister of Labour and Economic Affairs under the Austrian Investment Control Act and notification, if required, to the Austrian competition authorities\n2. less the amount of any interim funding provided by Garnet to Enerox prior to completion of the option\n \nUntil completion of the option Garnet will have certain limited rights to direct the affairs of EHL and Enerox. The parties have also agreed to amend their existing joint venture agreement in relation to EHL, in particular so that:\n \n· On the basis that Garnet will own 60% of the issued share capital of EHL, it shall have the right to appoint a majority of board members to EHL.\n \n· Any further funding required by EHL or Enerox, if not available from third parties, shall be made by Garnet and VRFB-H pro rata to their shareholdings, save that if one party is not able or willing to participate in such funding then it will be diluted accordingly.\n \nGarnet and VRFB-H will pro...