Photo by: Bloomberg
PERTH (miningweekly.com) – Dual-listed Jervois Global has closed the second $5.1-million tranche of its $25-million unsecured convertible note offering, following shareholder approval.
Each of the unsecured convertible notes entitles the noteholders to a fully paid ordinary share in Jervois, at a conversion price of 6.05c each, and with a maturity date in the third quarter of 2028.
The note offering formed part of a larger $50-million capital raise, which also included a fully underwritten 1-for-3.34 accelerated non-renounceable entitlement offer to raise a further $25-million.
The funds raised will be used to strengthen Jervois’ balance sheet, improve liquidity and working capital flexibility, and to reduce debt.
Following the full note offering settlement, Jervois’ cash balance is now estimated at $56-million.