Proactive Investors - Bushveld Minerals Ltd (LON:BMNB) shares soared in Thursday morning’s deals as it confirmed the closing of a vital refinancing.
The vanadium producer company has successfully rearranged $47.1 million of convertible debt with Orion – via the vehicle OMF Fund III (F) Ltd.
It converted $4.7 million into shares, with 124.74 million new shares issued, and has issued a new convertible loan note for $14.1 million.
Also, it has arranged a new term loan for $28.3 million due to mature on 30 June 2026.
"I am pleased to announce all conditions set out on the definitive agreement with Orion were met and the refinancing transaction is now completed,” chief executive Craig Coltman said in a statement.
“We thank Orion for their ongoing support towards the company."
In London, Bushveld shares were up around 50% on Thursday changing hands at 1.61p each.