Jervois Completes $5.1M Tranche in Convertible Note Offering

Jervois Global Limited (ASX: JRV) has successfully closed the second tranche, worth US$5.1 million, of its Unsecured Convertible Note offering to Millstreet Credit Fund LP after receiving approval from shareholders. The offering aims to raise US$25.0 million. Each note entitles the holder to a fully paid ordinary share in the company by Q3 2028 at a conversion price of US$0.0605 per share (A$0.0933 per share based on the prevailing exchange rate), along with a fixed 6.5% annual coupon payable in cash or Jervois shares.

An establishment fee of 4.0% was paid to the Noteholder, resulting in reduced cash proceeds for Jervois. The company's cash balance is estimated at US$56.0 million as of September 1, 2023, following the settlement. The Notes Offering's gross proceeds have been fully settled and are unrestricted. Conditional approval for the second tranche was granted by TSX-V, with final approval pending.

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