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Mustang Energy PLC had previously been in negotiations with Bushveld Minerals Limited (BMN) and Acacia Resources Limited (Acacia) to acquire their interests in VRFB Holdings Limited. Mustang Energy PLC has decided not to participate in BMN's formal sale process for its VRFB-H interest, announced by BMN on 20 November 2023. Consequently, Mustang Energy PLC and Acacia have concluded they will not pursue the acquisition of Acacia's minority interest in VRFB-H.
| Date | 4 Dec 2023 |
| Time | 10:04:34 |
| Category | Acquisitions and alliances |
| ID | 5547V |
4 December, 2023
Mustang Energy PLC
("MUST" or the "Company")
Acquisition Update
As referred to in its announcements dated 9 August 2023 and 12 September 2023, the Company had entered into negotiations with the shareholders of VRFB Holdings Limited ("VRFB-H"), being Bushveld Minerals Limited ("BMN") and Acacia Resources Limited ("Acacia"), in respect of renegotiating the terms under which the Company would acquire their interests in VRFB-H.
BMN, as referred to in its announcement dated 20 November 2023, is to commence a formal sale process for its interest in VRFB-H. The Company has decided not to participate in that sale process. As a result, Acacia and the Company have concluded that it is not in either parties' best interest to pursue the acquisition of Acacia's minority interest in VRFB-H and seek readmission on that basis alone.
The Company continues to actively consider acquisition opportunities. Further announcements will be made in due course.
ENQUIRIES
For further information, please visit www.mustangplc.com, follow us on Twitter @Mustang_Plc, or contact:
Mustang Energy PLC
Dean Gallegos, Managing Director dg@mustangplc.com
+61 416 220 007