Better off waiting for successful ramp up and battery certification to reduce risk of plant commissioning issues, as per below.
At Completion, using funds drawn down from the Convertible Bond being provided by
POSCO, Pilbara Minerals will initially subscribe for an 18% interest in the JV Company,
with a call option (at Pilbara Minerals’ election) available to increase its interest to 30% in
the future.
This call option will be available for up to 18 months after the successful ramp-up of the
Conversion Facility to 90% of nameplate capacity. The call option will initially be
exercisable at cost(plus 3.58% interest per annum) up until the date the Conversion Facility
receives independent battery certification from tier 1 battery producers, and thereafter at
fair value. This structure provides an important benefit to Pilbara Minerals, including
added flexibility to stage its investment over time to reduce its initial exposure during the
construction and ramp-up phases of the Conversion Facility.
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