Updated announcement out in Europe. Some change in language,...

Updated announcement out in Europe. Some change in language, getting to the pointy end now - proposed recapitalisation and a second lien on the JFO Facility security package in favour of the ICO Bonds...

Still hopeful that the sunk costs / holding valuation of assets will see equity holders retain some exposure here.

Nordic Alternative Bond Market
NO0011041568 - Bond
Jervois Mining USA Limited

https://live.euronext.com/en/product/bonds/NO0011041568-XOAM

https://live.euronext.com/en/product/bonds/NO0011041568-XOAM#CompanyPressRelease-12509039

Quoting from the announcement:

6 September 2024 (Norway) Jervois Global Limited (“Jervois” (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and Holder (defined below) have agreed to extend the Waiver and the Deferral of the Idaho Cobalt Operations (“ICO” Bonds1 (as such terms are defined below) until the later of 15 October 2024, or as extended in the Holders discretion, or such other date contemplated by a transaction support agreement in relation to a proposed recapitalisation, in circumstances where the Company and Holder enter into such an agreement (the “Outside Date”, and until implemented, to forbear remedies associated with financial covenant compliance.


In relation to the ICO Bonds, this extended waiver is in respect of all financial covenants and certain potential cross-defaults (collectively the “Waiver” and the further extension of the ICO Bonds interest deferral with respect to the semi-annual payments (the "Deferral"), to support Jervois’ continuing work with its debt and equity capital providers, including the Holder and third parties, on potential transactions to strengthen its balance sheet.

The Company has also agreed to grant a second lien on the JFO Facility security package in favour of the ICO Bonds. This change to the security is set out in proposed amended and restated ICO Bond terms (“Terms”. In addition the Company has agreed to provide a second lien on the assets currently secured to the ICO Bonds as additional security for the JFO Facility.