Cyprium Metals Limited (ASX:CYM) has signed an exclusive Term Sheet with Transamine SA for US$35 million in respect of a Copper Cathode Offtake Secured Prepayment Facility.
This Offtake Prepayment Facility is part of the targeted A$240 million to A$260 million debt funding package to finance the restart of the Nifty Copper Project in Western Australia, which is expected to include senior secured financing and secured offtake financing.
The technical, legal, commercial and financial due diligence activities have been completed by Transamine SA, with the focus now turning to completing the offtake and financing documentation for execution, which is being done in conjunction with the prospective secured senior debt providers.
All of the approvals that are required prior to completion of financing have been received, with the final approval for the amendment to the State Agreement required to be submitted post finance.
“We are very pleased to renew our association with Transamine SA, by entering into an exclusive Term Sheet for a Copper Cathode Offtake Secured Prepayment Facility,” Managing Director Barry Cahill said.
“This is part of a fully funded finance package for the restart of the Nifty Copper Project.
The restart project economics remain very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.
“As all of the required regulatory approvals able to be completed prior to finance have been received, we are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans.”
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