Cyprium Metals Limited announced a private placement to issue Senior Secured Loan Facility for AUD 21,014,492 in a loan round of funding on June 26, 2023. The transaction will include participation from new lender Natural Resources Credit Fund II, LP. The company will issue to provide up to AUD 21,014,492 in two Tranches, with AUD 10,869,565.2173913 drawn at closing and AUD 10,144,927.53623188 available to be drawn subject to a limited number of conditions precedent.

The tranche bears 5% on Tranche 1 and 10.0% on Tranche 2. The company is issuing warrants 2-year, 1 for 5.5 warrants which will be priced at either a 20% premium to the share price of a future equity raise or, if no equity raise is completed by 31 December 2023, the warrant strike price shall be priced at AUD 0.088 per share. The coupon rate is Secured Overnight Financing Rate (SOFR) +6.5% p.a. payable monthly until 31 December 2024 as facility term.