NexGen Energy Ltd. announced that it has entered into binding term sheets to issue unsecured convertible debentures for aggregate principal amount of $110 million on August 31, 2023. The transaction will include participation of Returning investor Queen's Road Capital Investment Ltd. and new investor Washington H. Soul Pattinson and Company Limited. The Debentures will be convertible at the holder's option into approximately 21.97 million common shares of company.

The Debentures will carry a 9% coupon over a 5-year term. The Debentures will be convertible at the holder's option into common shares, at a conversion price per Common Share of $6.76 (CAD 9.15 per common share equivalent incorporating today's exchange rate) representing a 30% premium to the volume-weighted average trading price per common share on the Toronto Stock Exchange for the 5-days ending on the day prior to the date of this announcement. Two-thirds of the Interest (equal to 6% per annum) is payable in cash.

One-third of the Interest (equal to 3% per annum) is payable in Common Shares issuable at a price equal to the 20-day VWAP on either the Toronto Stock Exchange or New York Stock Exchange ending on, and including, the third trading day prior to the date such interest payment is due. The Company will be entitled, on or after the third anniversary of the date of the issuance of the debentures, at any time that the 20-day VWAP on the TSX exceeds 130% of the Conversion Price, to redeem the Debentures at par plus accrued and unpaid Interest. Washington H Soul Pattinson and Company Limited has agreed to purchase 8.7 million outstanding common shares of company from QRC.