Peloton Capital is proud to have acted as Lead Manager in the recent Capital Raise for American Pacific Borates Ltd (ABR.ASX). We look forward to supporting management as they enter an exciting phase. For any further information on ABR, please do not hesitate to contact us here at Peloton Capital. ABR ASX
ABR RAISES A$31.2M AND SIGNS BINDING TERM SHEET FOR US$30M
TO FULLY FINANCE CONSTRUCTION OF PHASE 1A OF FORT CADY BORATE MINE
HIGHLIGHTS
• Two tranche Placement completed to raise A$31.2m (before costs) at A$0.60 per share
• Binding Term Sheet signed for US$30m convertible note that can convert to ordinary shares at headline share price of A$1.00 per share
• Drawdown subject to receipt of final main operational permit and shareholder approval
• Total financing secured of A$77 million (US$51m) (before costs)
• All funds to be used for construction of Phase 1A of Fort Cady Borate Mine
• With existing cash at bank, the Company is now fully financed for construction of Phase 1A of Fort Cady Borate Mine (capex is estimated at US$50.3m – refer 16 April 2020 ASX release)
• Substantive construction activities to commence ASAP under existing construction permits
• First production remains on track for 2H, CY2021