PERTH (miningweekly.com) – ASX-listed EV Resources has secured a A$25-million investment commitment from Sapphire Global Energy Fund to fund working capital and potential acquisitions.
EV on Tuesday reported that the investment would be made via an equity drawdown facility, which would have a 60-month period starting on March 1, or an earlier agreed-upon date.
The price of the drawdown will be 95% of the average of the lowest three daily volume weighted average prices during the 11 trading days following the placement request, and Sapphire Global has agreed not to trade more than A$25 000 worth of EV shares or more than 20% of the relevant day’s volumes in a single day.
The placement is conditional on EV’s shares not being suspended from trading, not trading below 0.8c a share during any of the ten prior trading days, and no event of default occurring.
“The investment commitment is another major milestone that will enable us to grow significantly over the next 12 months,” said EV executive director Navin Sidhu.
“We look forward to implementing our vision to become a strategically diversified explorer and developer of precious and green energy metals. Sapphire is very supportive of the company and realises the potential we have, thus they have provided us with an extremely competitive and sizeable facility. This facility enables us to draw down when necessary, allowing us to better manage our funding needs, reduce dilution and not be at the mercy of the markets.”
EV Resources’ portfolio includes a number of critical mineral projects globally, including in Australia, America, Serbia, Latin America and Europe.