Sarama Resources secure funding

Sarama Resources (SSR) has secured funding for their ICSID case, and the big news? It's backed by LOCKE CAPITAL!

That's right—and it's unsecured!

I found out about it through a subscription to a litigation funder newsletter, I received this email today:



Summary of Locke Facility

Non-Recourse Loan: The US$4.4 million loan is non-recourse, meaning repayment is only required if the Company wins or settles its arbitration claim.

No External Security Required: The loan is secured solely by the arbitration claim and potential proceeds, with no liens or encumbrances placed on the Company’s other assets or operations.

Isolated to Claim Proceeds: Repayment obligations are limited to proceeds from a successful award or settlement in the arbitration. If the claim is unsuccessful and there is no default, the Company has no repayment obligation.

Business Operations Unaffected: The Company can continue operations and consolidate assets outside the arbitration claim chain without any impact from the loan facility.

Limited Recovery for Funder: In the event of a material adverse change, the Funder can only recover unspent funds, with no claim on other Company assets.

Flexible Repayment Structure: Funder’s return and repayment amounts depend on successful claim proceeds and are structured by the LFA’s confidential distribution priorities.

Full Sarama Announcement
https://hotcopper.com.au/threads/ann-sarama-secures-funding-for-burkina-faso-arbitration-claim.8275911/