Cyprium Metals Limited (ASX: CYM) has entered into a binding term sheet in which the company will enter into offtake financing with Glencore through a A$40M senior secured loan facility with a four-year term.
“Our commercial strategic partnership with Glencore continues to gain momentum,” said Cyprium executive chair Matt Fifield. “We are pleased to announce that we have signed a binding term sheet with Glencore for an A$40M loan facility. This new loan completes the refinancing of our near-term maturities which has been a top corporate priority. With that step completed, we are now heightening our focus on bringing Nifty’s copper products to market.”
The funds will be used for the repayment of existing senior secured facility, advancement of Nifty early works and feasibility studies, and general corporate purposes.
The agreement also includes the commitment from the company to raise A$20M through any combination of equity raise, asset sales, royalty sales, and exercise of existing options and warrants before end of current calendar year
On closing, the previously announced and now fully negotiated copper cathode offtake agreement and copper concentrate offtake agreement will be executed simultaneously.
“Cyprium is one of the near-term expected suppliers of Australian copper,” said a Glencore spokesperson. “We are pleased with our growing strategic commercial partnership. This is another example of Glencore working with other Australian miners to develop and bring critical minerals and metals to market.”
To find out more, please visit www.cypriummetals.com
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