Andromeda Metals Ltd is taking steps to secure a project financing debt facility with a limit of up to $75 million, entering into exclusive negotiations with Merricks Capital, a leading Australian alternatives investment manager.
Merricks invests in unique opportunities in Australia and New Zealand across agriculture, commercial real estate and infrastructure sectors, having managed over $8 billion in investments since its inception in 2007.
Andromeda says its exclusive negotiations with Merricks follows a phase of due diligence, representing marked progress in the company’s project funding process for the Stage 1A+ development of the Great White Project.
Progressing toward final investment decision
“The entry into exclusive negotiations with Merricks Capital, following detailed due diligence investigations, represents significant progress for the financing of Stage 1A+,” Andromeda Metals acting CEO Sarah Clarke said.
“The company continues to make steady progress in its Stage 1A+ project funding process to support a final investment decision for the Great White Project.”
The two parties will now enter a final phase of due diligence and negotiations, working toward terms and conditions and securing final approvals for the debt financing to support a final investment decision.
The terms of the facility are subject to final approvals and execution of formal documentation, with further updates to be provided as ADN is able – a break of the exclusivity arrangement before July 31, 2025, would apply a break-fee of up to 1% of the facility limit (plus GST).