Elmore Secures AU$45.0 Million Funding for Growth Plans

Elmore Limited (ASX: ELE )has secured approximately AU$45.0 million in new funding through various agreements. The company signed a term sheet with Royal Advance (HK) Pty Ltd for a Magnetite Pre-Payment and Offtake Arrangement, totaling at least US$22.0 million (circa AU$32.5 million). Elmore has also raised AU$12.5 million from sophisticated and institutional investors. The funding includes AU$6.2 million in upfront loans, which will convert into shares at a rate of 0.75 cents per share upon obtaining regulatory and shareholder approvals.

Additionally, AU$1.5 million will be raised through a placement of shares, and AU$4.8 million will be settled through the conversion of existing debts. To access the placement funds early, Elmore will receive a bridging loan of AU$1.5 million. The company plans to conduct a share purchase plan for retail shareholders. Investors participating in the funding round and the share purchase plan will receive one option to subscribe for an ordinary share for every ten shares subscribed.

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