Bushveld Minerals Limited (LON:BMN) has secured 375mln South African Rand (£19.4mln) in funding through a loan and a revolving credit facility.

The vanadium producer said the loan encompassed 250mln Rand over five years, while the 125mln Rand credit facility will be for a three-year term.

READ: Bushveld Minerals trims price for Vanchem acquisition

“We are pleased to announce the successful conclusion of the debt facility discussions. The funding provides additional flexibility for our business as we advance strategic initiatives at Bushveld Vanadium and Bushveld Energy”, said Bushveld chief executive Fortune Mojapelo.

“The Company is committed to maintaining a conservative balance sheet and believes shareholders will benefit from the improved capital structure”, the CEO added.

In late-afternoon trading, Bushveld’s shares were 3.4% lower at 23p.