To fund Algeria?Terramin secures US$6.68 million investment
Terramin Australia Limited (ASX: TZN) (Terramin) is pleased to announce that it has secured an investment of US$6.68 million (approximately A$10.00 million) from a strategic investor through the issue of a Convertible Note.
The Convertible Note (Note) will be issued when the funds have been received by Terramin in the next few days. The key terms of the Note are as follows:
The subscriber is Conest Resources Limited.
The issue value is US$6.68 million.
The Note is unsecured and unlisted with a maturity date of 3 years from the Issue Date, mid-January 2027.
The subscriber can convert the Note into fully paid ordinary shares in Terramin (Shares) at any time after 2 years from the Issue Date, mid-January 2026.
The conversion price for the Note is the volume weighted average price of the Shares as traded on the ASX over the 10 trading days prior to the date of the conversion.
The Note will be subject to an annual interest rate of 2.5%. The interest is non-compounding and is payable on the maturity date. The interest is not paid if the Note is converted.
The subscriber has agreed to a lock-in period where the Shares (acquired through conversion) cannot be transferred or sold to an unrelated third party prior to the maturity date.
If the Note is not converted prior to maturity date, it is repayable in cash (issue value and interest).
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