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GLOBE METALS & MINING LIMITED — Capital/Financing Update 2022
Mar 10, 2022
64965_rns_2022-03-10_737e12c2-676b-4a95-a74a-e688d3b76ccd.pdf
Capital/Financing Update
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11 March 2022
The Manager, Companies Announcements Office ASX Limited Level 8 Exchange Plaza 2 The Esplanade PERTH WA 6000
Dear Sir/Madam,
$1 Million Loan Commitment Received Pursuant to Agreement with Director Bo Tan
Globe Metals & Mining Limited (ASX: GBE) (Globe or the Company ) hereunder advises that Director Bo Tan has agreed to provide a short-term loan facility of amount A$1 million to assist the Company with its short-term working capital requirements.
The Company is focussing its efforts on:
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finalising its Phase One Study and Economics for release to market,
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executing a mine development agreement, and
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financing and off-take initiatives,
with the funding provided allowing the Company to focus its energies and resources in these areas.
The key terms of the Loan Agreement are as follows:
Loan Amount: AUD$1 million Interest Rate: 8% per annum Default Interest Rate: 20% per annum Term: 6 months
Repayment Terms: Repayable in cash or by the issue of fully paid ordinary shares at the price of 6.35 cents per share, subject to shareholder approval.
The price of conversion was determined as a 5% discount to the 5-day VWAP covering the period 2 March 2022 through to 8 March 2022.
Under the terms of the loan agreement the Company will commence preparations for a general meeting of shareholders at which shareholders will vote on the conversion of the loan into shares at the price of $0.0635 (6.35 cents).
The Board of Directors of the Company wish to acknowledge the strong support shown by Director Bo Tan and is appreciative of his commitment to the Company.
This announcement was approved by the Board of the Company.
For further information contact:
Grant Hudson Michael Fry Chief Executive Officer Company Secretary [email protected] [email protected]
Globe Metals & Mining Ltd | Unit 1, 26 Elliott Street, Midvale, WA, 6056 | PO Box 1811 West Perth WA 6872 | P: +61 6118 7240 | F: +61 8 6323 0418 web: www.globemm.com | Email: [email protected] | ABN 33 114 400 609 | ASX:GBE