EUR Loan Facility Conversion

Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) previously entered into loan agreements with European Lithium Limited (ASX: EUR) and was advanced funds totaling $2,250,000 (EUR Loans).

---

The Company advises that the parties have agreed that the principal amount of $2,250,000 plus accrued interest will be converted into equity based on a share conversion price of AUD $0.002. All other terms and conditions of the EUR Loans remain unchanged. Paul Berend, Executive Director and CEO of Cyclone, commented “It is fantastic news that EUR has decided to convert its debt into equity. It shows they have great confidence in our management team and focus on developing the recently acquired world-class Block 103 magnetite iron ore project”.Announcement authorised for release by the board of Cyclone.

Click here for the full ASX Release

This article includes content from Cyclone Metals Ltd., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.