# Bushveld Minerals Limited: Update on Strategic Minerals Corporation (LON:BMN)

- Link: https://www.directorstalkinterviews.com/bushveld-minerals-limited-update-strategic-minerals-corporation-lonbmn/412725731
- Published: 2017-03-17T10:23:34+00:00
- Author: Amilia Stone

**Bushveld Minerals Limited** (LON:BMN), a diversified mineral development company
with a portfolio of vanadium, titanium, iron ore, tin and coal assets in Southern
Africa, is pleased to provide an update in respect of the conditional acquisition
by Bushveld Vametco Limited (“Bushveld Vametco”) of a 78.8% interest in Strategic
Minerals Corporation (“SMC”) from Evraz Group SA (“Evraz”) (the “Transaction”).

The Company advises that it has received confirmation that both Strategic Minerals
Corporation and Sojitz Noble Alloy’s Corporation have agreed to waive their respective
pre-emptive rights, in terms of the SMC Shareholders Agreement, to acquire the SMC
shares Bushveld Vametco has agreed to acquire pursuant to the Transaction in respect
to all the offer shares.

The waivers of pre-emptive rights by SMC and Sojitz form part of the conditions 
precedent to be fulfilled prior to completion of the Transaction.

In addition to finalising the financing, as announced on 8 March 2017, the Company
is making good progress in fulfilling the remaining conditions precedent which include:

· Termination of all the related party contracts to Bushveld’s reasonable satisfaction;

· Transfer of the marketing and off-take agreements;

· Key management’s agreement in writing to remain employed with the Vametco Group
following Transaction completion; and

· Securing the Department of Mineral Resources’ Ministerial consent to the Transaction
in terms of section 11 of the Mineral and Petroleum Resources Development Act, of
2002.

Further updates will be provided as appropriate.

> **Fortune Mojapelo, CEO of Bushveld Minerals Limited (BMN), said of the waivers,**“
> We are pleased to receive confirmation of the waivers of pre-emptive rights by
> SMC and Sojitz, as it is one of the most important hurdles to cross towards completion
> of the SMC transaction.
> “We look forward to securing the Department of Mineral Resources’ Ministerial 
> consent to the Transaction in terms of section 11 of the Mineral and Petroleum
> Resources Development Act, of 2002.”

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