Mustang Energy and Bushveld Minerals agree to extend maturity of convertible loan notes

By Anthony O. Goriainoff

Mustang Energy PLC said on Friday it had agreed with Bushveld Minerals Ltd. to extend to Wednesday the maturity date of $8 million of convertible loan notes issued in reference to its investment in VRFB Holdings Ltd. to allow its shares to be re-admitted to the market. London Stock Exchange.

The special purpose acquisition company said the terms were being documented and, to allow them ample time to be prepared, it and Bushveld Minerals agreed to extend the notice period for Mustang to send notice to Bushveld. .

Mustang said in April 2021 that it had entered into an investment agreement with VRFB, its existing shareholders and Bushveld. The company said at the time that it had subscribed to 22.1% of the issued share capital of VRFB, which is a 50% shareholder in Enerox, an Austrian manufacturer of vanadium redox flow batteries.

Mustang also said at the time that it invested about $7.5 million for VRFB’s stake in a reverse takeover, funded by issuing $8 million of unsecured convertible debt notes. with a 10% coupon.

On Jan. 19, Mustang said Primorus Investments PLC had elected to sell its convertible notes — which have a face value of $1.5 million — to certain other existing CLN holders.

“The company understands that negotiations are ongoing between Bushveld and Primorus regarding the mechanisms for the redemption or conversion of Primorus’ convertible loan notes,” Mustang said.

Write to Anthony O. Goriainoff at [email protected]

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