Issue of Convertible Loan Notes12 Mar 2026 19:23
This useless site still can`t show RNS`s in a timely fashion , in this case at all.
RNS Number : 4577W
Aterian PLC
12 March 2026
12 March 2026
Aterian plc
("Aterian" or the "Company" or the "Group")
Issue of Convertible Loan Notes
Aterian Plc (LSE: ATN), the critical metal-focused exploration and development company, announces that it has issued £150,000 of convertible loan notes ("CLNs") with a maturity date of 31/12/2027 to a longstanding shareholder.
The CLNs are mandatorily convertible into Ordinary Shares of 10 pence each in the Company ("Ordinary Shares") at a price of 25 pence per Ordinary Share on or before the maturity date, have zero coupon, and are redeemable by the Company at par at any time prior to their maturity date, subject to notice. This redemption feature provides the Company with the flexibility and optionality to repay the notes in cash should operational cash flows from trading activities continue to remain positive, thereby potentially reducing and/or eliminating dilution to shareholders from the capital raise.
Subscribers to the CLN will also receive 300,000 warrants (the "Warrants"), or effectively 50% warrant coverage, with each Warrant exercisable at a strike price of 32.5 pence per Ordinary Share. The Warrants will have a maturity date of 15 February 2028 and a call feature should the Company's closing mid-price exceed 50 pence for three consecutive trading days.
The Company intends to utilise the net proceeds from the CLN issue to support the continued development of its trading operations, following the increase in pricing for China Tantalum Concentrate 30% CIF, which has risen from US$101/lb to US$212/mtu since year-end 2025.
Charles Bray, Executive Chairman of Aterian, commented:
"This capital injection strengthens the Company's balance sheet and provides additional financial flexibility as we continue to advance our trading initiatives. This redemption feature provides Aterian with cheap optionality and the additional funds to acquire materials, which have more than doubled in price over the past 10 weeks[1]. We remain focused on building value through disciplined capital allocation and by progressing our projects across Africa. We see dramatic moves in commodity demand and pricing and are focused on providing the market with responsibly sourced critical minerals."