Vanadium producer Bushveld Minerals has suspended the trading of its shares on the Aim market of the LSE after it failed to secure additional funds to address its liquidity position.
The company said on November 18 that its discussions with various stakeholders to secure funding had not yielded any results and that it would consequently be investigating turnaround strategies with the help of a turnaround specialist.
“The company has engaged with a turnaround specialist to understand the prospects for business recovery and achieve the best outcome for all stakeholders and affected persons,” Bushveld said in a statement.
These developments follow an announcement made by the company on November 8, in which it said it did not have sufficient funds on hand to sustain its operations or meet its immediate liabilities.
As a result of its liquidity issues, Bushveld implemented a controlled slowdown of production at Vametco. The length of the controlled slowdown was dependent on securing additional funding, which had not transpired.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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