5E Advanced Materials Announces Agreement To Sell $6M Of Additional Convertible Notes; Bluescape Energy Partners And Ascend Global Investment Fund SPC Will Each Purchase $3M In Additional Notes That Will Be Initially Convertible Into Common Stock At $1.53 Per Share
Portfolio Pulse from Benzinga Newsdesk
5E Advanced Materials, Inc. (NASDAQ: FEAM) has announced an agreement to sell $6 million in additional convertible notes to Bluescape Energy Partners and Ascend Global Investment Fund SPC. The notes, convertible into common stock at $1.53 per share, will mature in August 2028 and pay interest in-kind at 10%. This capital will support the company's operational processes and commercial arrangements.
May 28, 2024 | 1:08 pm
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5E Advanced Materials has secured $6 million in additional convertible notes, which will support its operational processes and commercial arrangements. The notes are convertible into common stock at $1.53 per share and mature in August 2028.
The additional capital from the convertible notes will provide 5E Advanced Materials with the necessary funds to continue its operational processes and commercial arrangements. This is likely to be viewed positively by investors, as it extends the company's financial runway and supports its growth initiatives.
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