RE: 9.31%26 Nov 2025 13:51
Key Connections Between Spartan Fund and Nativo
• Debt Restructuring (Jan 2025):
Nativo Resources cancelled its existing £1 million loan facility with Spartan Fund and replaced it with a new convertible loan note (CLN). This restructuring was designed to ease repayment pressure ahead of Nativo’s planned investment in a gold processing plant and tailings cleaning activities in Peru.
• Convertible Loan Notes (CLN):
The CLN carried a 5% coupon, with interest payable quarterly in cash until conversion. Spartan Fund had the option to convert all or part of the principal into ordinary shares at a 20% premium to the average share price.
• Equity Conversion (Nov 2025):
Spartan Fund exercised part of its conversion rights, turning debt into equity. This increased its ownership stake in Nativo Resources.
• Major Shareholding (Nov 2025):
Spartan Fund Ltd. (SAC) acquired 52,615,428 voting rights in Nativo Resources, representing 9.31% of the company’s total voting rights. This triggered a regulatory disclosure of major holdings.