Technology Minerals said it had given notice to Atlas Capital (ACM) of a drawdown of £600,000 from its convertible bond facility on 30 May 2024
Total funds now drawn down under the £5.5 million facility with ACM are £2.1 million, of which £0.25m was converted into shares on 26 April 2024.
Technology Minerals will use the new funds drawn to fund the operations scale up at its lithium-ion plant in Wolverhampton and for the acquisition of partner Recyclus Group.
Two-year warrants amounting to 20% of the convertible bonds will be attached to each tranche plus a premium of 20% of the principal amount of convertible bonds that are issued.