PERTH (miningweekly.com) – ASX-listed Cape Lambert has inked a non-binding term sheet for a A$15-million finance facility to provide flexibility in its negotiations for either an offtake or strategic partner that could result in alternative funding.
The term sheet provided by Winance Investment was for A$15-million by way of the issue of convertible securities. An initial A$1-million will be available for immediate draw-down, following the execution of formal documentation, with further draw-downs of A$500 000 each available on the full conversion of the notes.
Cape Lambert chairperson Tony Sage on Wednesday said that securing the additional funding provided the company with flexibility and allowed Cape Lambert to continue its negotiations with potential strategic partners.
Cape Lambert has interests in several exploration and mining companies in commodities across iron-ore, copper, gold, uranium, manganese, lithium and lead/silver/zinc.