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.
21 March 2024
Technology Minerals Plc
("Technology Minerals" or the "Company")
£5.5 million Fundraise
Technology Minerals Plc (LSE: TM1),
the first listed UK company focused on creating a sustainable
circular economy for battery metals, is pleased to announce that it
has entered into a £5.5 million convertible bond facility (before
expenses) with Atlas Capital Markets ("ACM") (the "Facility"). The
Facility is expected to be drawn in five tranches of which the draw
down of the first tranche of £1.5 million has been
initiated.
Details of the Facility
Under the terms of the Facility, ACM
will provide a £5.5 million convertible bond with a coupon of 5%
per annum over Bank of England base rate via its investment vehicle
Atlas special opportunities llc 2.
The Facility is expected to be drawn
in five tranches, the first one being in the amount of £1.5 million
followed by four tranches of £1.0 million as required. ACM will
purchase the convertible bonds at a fixed price equal to 95% of the
principal amount. The Company shall pay to ACM a transaction fee in
aggregate equal to 3% of the total commitment in two instalments.
The first instalment of the transaction fee will be deducted from
the first tranche of £1.5 million.
In addition, warrants amounting to
20% of each tranche of convertible bonds will be attached to each
tranche plus a premium of twenty (20) percent of the principal
amount of convertible bonds that are issued. The warrants will have
a strike price fixed at twenty (20) percent premium to the average
Volume Weighted Average Price of the Shares for the 5 consecutive
days immediately prior to the issue date of each warrant. The
warrants will expire two years after issuance.
Update on CLG Convertible Bond Facility
The Company provides the following
update regarding the £5.0 million convertible bond facility with
CLG Capital LLC ("CLG") announced on 8 January 2024 ("CLG
Facility"). Under the terms of the CLG Facility, Technology
Minerals initiated drawdown of £1.0 million, as announced on 23
January 2024 and issued warrants to CLG in accordance with the
agreed terms. While a portion of the funds was received by the
Company, CLG failed to provide £400,000 of the total amount of £1.0
million. The number of warrants issued to CLG under the facility is
being adjusted accordingly. While the Company remains in
discussions to resolve the issue, it has commenced termination of
its arrangement with CLG and will not draw down any further funds
from the CLG Facility.
Alex Stanbury, CEO of Technology Minerals, said:
"We are pleased to secure replacement funding
facility and look forward to working with ACM. The funds will
provide us with sufficient capital to progress the acquisition of
Recyclus, and to ramp up operations at our lithium-ion battery
recycling plant in Wolverhampton."
Mustapha Raddi, Managing Partner of ACM, said:
"We are thrilled to embark on this journey with
Technology Minerals as a funding partner to provide capital for the
final steps towards the acquisition of Recyclus. We believe that
our credit line will enable the company to establish a solid
foundation for future cash flow."
Enquiries
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Technology
Minerals Plc
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Robin Brundle, Executive Chairman
Alexander Stanbury, Chief Executive
Officer
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c/o +44 (0)20 4582
3500
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Oberon
Investments Limited
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Nick Lovering, Adam Pollock
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+44 (0)20 3179 0535
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Gracechurch
Group
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Harry Chathli, Alexis Gore,
Rebecca Scott
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+44 (0)20
4582 3500
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Technology Minerals
Plc
Technology Minerals is developing the
UK's first listed, sustainable circular economy for battery metals,
using cutting-edge technology to recycle, recover, and re-use
battery technologies for a renewable energy future.
The Company currently holds 48.35% of the issued share capital of Recyclus
Group Ltd, the UK's first industrial-scale recycler of both
lithium-ion and lead batteries.
Technology Minerals is focused on raw
material exploration required for Li-ion batteries, whilst solving
the ecological issue of spent Li-ion batteries, by recycling them
for re-use by battery manufacturers. Further information on
Technology Minerals is available at www.technologyminerals.co.uk.