Robex Resources Inc. announced a private placement of $35 million 8% bridge loan on January 24, 2023. The transaction will include participation from Taurus Mining Finance Fund No. 2, L.P. The loan bears 8% interest rate and Availability period up to end of June 2023.

As a condition to the Bridge Loan, the company will issue 22.5 million non-transferable common share purchase warrants to Taurus with an exercise price of $0.39 per common share. The Warrants will expire on the earlier of the date that is four years after the closing date of the Bridge Loan subject to earlier termination in case of full repayment of the project finance that may be provided by Taurus or the date that is one year after the closing date of the Bridge Loan if the Bridge is fully repaid on or before that date through the refinancing of the Bridge with a third-party lender or group of lenders not directly or indirectly related or affiliated to Taurus. Finally, if the Bridge is reduced or partially repaid during the first year of its term otherwise than through the use of another financing instrument provided by Taurus or entities related or affiliated to Taurus, a pro rata number of the Warrants will have their term reduced to the later of one year from issuance of the Warrant, and 30 days from the reduction or repayment of the Bridge.

In the case of early expiry of the Warrants, Taurus will be entitled to an early expiry amount of up to $1,000,000, reduced proportionately by reference to when the expiry date occurs within the original four-year exercise period. The Bridge has no requirements for hedging. Conditions precedent to loan drawdowns include execution and delivery of local registration of securities and other customary conditions.

The transaction is expected to close by the end of March, 2023.