Bushveld now holds 27,530,147 shares in the company, up from the 5,150,000 it held on 16 May 2013 due to acceptances of its takeover bid.
Lemur has called on its shareholders to reject Bushveld's offer, saying it neither fair or reasonable.
It highlighted its $17 million cash hoard that places it in a strong position to bring the 135.7 million tonne Imaloto Coal Project in Madagascar into production and compared that against Bushveld £430,000 (A$713,300) in cash, noting that Bushveld's ability to continue as a going concern would be uncertain without the additional £1.5 million in capital funding it is seeking.
Lemur has recently commissioned a mine scoping study for the Imaloto Coal Project that is expected to be completed in the third quarter of 2013.
The mine scoping study will assess the viability of a small scale mining operation based on 1 mtpa of saleable product.
Upon completion of the mine scoping study, it is intended that a detailed financial model will be constructed.
In addition, Lemur has commissioned pre-feasibility studies to assess the viability of constructing a coal fired power station in close proximity to the Imaloto Coal Project.
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