Convertible Loan Facility key terms • US$8m funds available secured on a first lien basis • The principal amount of the Convertible Loan Facility is net of a 5.5% original issue discount • Loan term of 36 months from the closing date • Convertible Coupon of 5.0% per annum plus Term SOFR Delta payable monthly in arrears • An arrangement fee will be payable to the borrower of 1.0% of the available amount • Amortised via a bullet repayment on the maturity date of the loan (subject to conversion) • Up to 100% of the principal funds plus any accrued and unpaid interest will be convertible into TUL CDIs at the Conversion Price at the Lender’s election • The Conversion Price for the Convertible Loan Facility is equal to a 30% premium to the 20- day Volume Weighted Average Price of the Company’s share price at the lower of the date of signing the Term Sheet or the date of this public announcement of the Loan Facilities, subject to anti-dilution adjustments • The Company has the right to make early repayments, subject to the issue of warrants at a strike price equal to the conversion price • No hedging requirements
After due diligence Nabari thinks 79c is a fair price.
TUL Price at posting:
62.5¢ Sentiment: Buy Disclosure: Held
