RE: Market thinks placing comes soon29 Apr 2026 10:48
Upon receipt by the Company of the regulatory approvals in South Africa for the acquisition of the Beisa Mine from New York Stock Exchange-listed Sibanye-Stillwater Limited ("Sibanye-Stillwater"), the Strategic Investor has, within the 10 days following receipt of those approvals, the right to invest a further £6.5 million of convertible loan funding. This funding will be priced at a 10% discount to the 10-day volume-weighted average price following the receipt of these regulatory approvals and will also carry a coupon of 5%.
The Placing proceeds will be used by the Company's Executive Management team to fund the costs under the 4-phase implementation assessment programme that is underway and is considered sufficient to fully fund the Company's working capital requirements through to completion of the Beisa Mine acquisition from Sibanye-Stillwater.