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27 April 2021 | 09:20am
StockMarketWire.com - Primorus Investments said it had poured $2.5 million into special purpose acquisition company Mustang Energy.
The company said it had purchased 50 convertible loan notes of a nominal value of $50,000 each.
The note issue formed part of a wider transaction pursuant to which Mustang Energy had raised $8 million.
The notes attracted interest at a rate of 10% per annum.
At 9:20am: [LON:PRIM] Primorus Investments Plc share price was 0p at 3.25p
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Mustang-energyPrimorus-investments-plcமஸ்ட்யாஂக்-ஆற்றல்Bushveld is a major player in vanadium production in South Africa
Bushveld Minerals Ltd (LON:BMN) announced Mustang Energy PLC (LON:MUST) is acquiring an indirect interest of 11.05% in Enerox GmbH.
Enerox is a vanadium redox flow battery manufacturer providing grid scale and micro-grid energy storage solutions. Bushveld holds an indirect 25.25% stake in Enerox.
Mustang is special purpose acquisition company which intends to acquire interests in energy storage and stationary battery assets.
Mustang has invested approximately US$7.5mln to subscribe for a 22.10% stake in VRFB-H, which directly controls Enerox.
Mustang has funded its investment by issuing of US$8mln of unsecured convertible loan notes at a 10 per cent coupon.
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