Business
Facility Drawdown, Conversion Notice and TVR
Facility Drawdown, Conversion Notice and TVR.
About this update from Technology Minerals Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. \n \n26 June 2024\n \nTechnology Minerals Plc\n (\"Technology Minerals\" or the \"Company\")\n \nFacility Drawdown, Conversion Notice and TVR\n \nFacility Drawdown and Conversion\nTechnology Minerals Plc (LSE: TM1) (\"the Company\"), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that further to its announcement of 17 May 2024, it has given notice to Atlas Capital Markets LLC (\"ACM\") of a drawdown of £400,000 to be issued on 28 June 2024 (\"Issue Date\").\n \nIn addition, the Company received a Conversion Notice from Atlas Capital Markets LLC (\"ACM\") on 24 June 2024 for £90,000 of Convertible Bonds from the convertible bond facility announced on 21 March 2024. The Company will issue 27,328,958 Ordinary shares of £0.001 per share (\"Ordinary Shares\") at a conversion price of 0.329321 pence per Ordinary Share. ACM have agreed to abide by orderly market provisions in respect of the sale of shares.\n \nFollowing completion of both this drawdown and the conversion, the total funds drawn under the £5.5 million facility with ACM will amount to £2.5 million, of which £0.51m will have been converted into Ordinary shares as previously announced. Use of the new funds drawn will include continued support of the scale up in operations at Recyclus' lithium-ion plant in Wolverhampton, ahead of the proposed acquisition of the Recyclus shares not held by the Company, as previously announced. In addition, the funds will facilitate the building of a discharge and dismantle unit that will allow the facility to dissemble EV batteries on site before processing. This capability enhances Recyclus' offering and enables the company to provide OEMs and major industry players with a complete solution without the need for third party processi...