Business
£4 million convertible bond facility
£4 million convertible bond facility.
About this update from Technology Minerals Plc
[{"type":"text","content":"\n \n \n The 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 \n \n \n \n \n \n \n \n 9 December 2022\n \n \n \n \n \n Technology Minerals Plc\n \n \n \n \n \n \n (\"Technology Minerals\" or the \"Company\")\n \n \n \n \n \n \n £4 million convertible bond facility\n \n \n \n \n \n Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce\n that it has entered into a £4.0 million convertible bond facility (the \"Facility\") with Macquarie Bank Limited (\"MBL\") and Atlas Capital Markets LLC (\"ACM\").\n \n \n \n \n \n \n Use of Funds\n \n \n \n \n \n \n \n \n The Facility would be used primarily to enable the Company to:\n \n \n \n \n \n ·\n ramp up of the first phase of operations at the Tipton lead-acid battery recycling plant and prepare to commence industrial-scale processing through an automated plant following approval from the Environmental Agency\n \n \n ·\n support operating costs and capital expenditure required to accelerate the Company's twin-track growth strategy to create a circular economy for battery metals to capture the\n industrial scale opportunity for recycling Lithium- ion and lead-acid batteries\n \n \n \n \n \n \n Details of the Proposed Facility\n \n \n \n \n \n \n \n \n Under the Facility, MBL and ACM will provide a £4.0 million convertible bond facility\n with a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company's discretion. The Facility can be drawn in eight tranches of up to £500,000 with each tranche being called at Technology Mineral's discretion once the previous tranche has been fully converted and subject to certain conditions. MBL and ACM will purchase the convertible bonds at a fixed price equal to 95% of the principal a...