MTM Secures $1 Million

MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has executed binding convertible note agreements (Convertible Note Agreement) with a syndicate of sophisticated and institutional investors, for an investment in the Company of $1.0m (before costs).

The Convertible Note Agreement remains subject to and conditional upon shareholder approval for the issue of a portion of the Securities that will be issued as part of the conversion of the Notes. A general meeting of shareholders will be called and the notice of meeting will contain further details in relation to the Securities that are the subject of conversion of the Notes. The Convertible Note Agreements may convert into a maximum of 14,374,975 Shares without shareholder approval under Listing Rule 7.1.

All of the Notes will convert to equity in MTM at a price which will be 20% below the share price that is set for the Company’s next capital raise. Further terms of the Convertible Note Agreement are set out in the Appendix 1.

MTM Managing Director, Mr Lachlan Reynolds said:

“We are very pleased to have secured this investment which will support the Company’s ongoing rare earth element and niobium exploration efforts in the immediate future. The terms of this Convertible Note are attractive to the Company and indicate the investor confidence in MTM’s projects.”

Click here for the full ASX Release

This article includes content from MTM Critical Metals, 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.