RE: RTO incoming20 Apr 2026 07:39
Today 07:00
RNS Number : 0905B
Atlas Metals Group PLC
20 April 2026
20 April 2026
Atlas Metals Group plc
("Atlas Metals" or the "Company")
Update on Funding Facility
Change of Auditor
Atlas Metals (LON: AMG), the natural resources and energy company, is pleased to announce that, further to the Company's Funding Facility announcement on 5 March 2026, the Lender has agreed to advance the Second Loan earlier than anticipated. The Second Loan of £2,000,000 has been advanced to the Company net of certain deductions comprising a 5% original issue discount, a 1% commitment fee, and an amount to repay the outstanding balance of the First Loan, resulting in net proceeds to the Company of approximately £1.63 million.
Repayment of the Second Loan will be by way of monthly amortisation over a period of approximately 11 months, commencing 60 days after drawdown, unless the Lender has previously exercised its conversion rights under the Funding Facility. The Second Loan carries interest at 5% per annum.
In connection with the Second Loan, the Funding Facility has been supplemented by a side letter dated 10 April 2026 which, amongst other matters, provides that the Conversion Price in respect of the Second Loan is equal to 120% of the closing price of the Ordinary Shares on the trading day immediately prior to the completion date of the Second Loan, being £0.078. Under the terms of the side letter, the Company is required to publish an FCA approved prospectus in connection with any Ordinary Shares that are to be issued under the Funding Facility within 90 days of the completion date of the Second Loan. Pursuant to the Funding Facility and in accordance with the commercial terms of the drawdown of the Second Loan, the Company entered into a further Warrant Agreement with the Lender, pursuant to which the Company will issue to the Lender Warrants equal to 25% of each monthly amortisation payment amount, with an exercise price equal to 115% of the closing price of the Ordinary Shares on the date that the Second Loan is provided to the Company, being £0.0748. The Warrants will expire three years after issue.
The process to complete the Company's proposed acquisition of Universal Pozzolanic Silica Alumina Ltd ("UPSA"), including the preparation of the associated prospectus, continues to progress in line with the Company's expectations and the Second Loan proceeds are expected to provide sufficient funding to complete the work required ahead of completion of the Proposed Acquisition. In parallel, UPSA continue to progress constructive discussions with potential off-take partners.
Change of auditor
The Company further announces the Atlas Metals board of directors ("Board") has approved the appointment of RPG Crouch Chapman LLP ("RPGCC") as the Company's external auditor for the financial year ending 31 December 2025.