Technology Minerals Plc announced that it has entered into a convertible bond facility with returning investor Atlas Capital Markets LLC for the gross proceeds of £5,500,000 on March 21, 2024. The bond carry a coupon rate of 5%. The Facility is expected to be drawn in five tranches, the first one being in the amount of £1,500,000 followed by four tranches of £1,000,000 as required.

The investor will purchase the convertible bonds at a fixed price equal to 95% of the principal amount. The company shall pay to the investor a transaction fee in aggregate equal to 3% of the total commitment in two instalments. The first instalment of the transaction fee will be deducted from the first tranche of £1,500,000.

In addition, warrants amounting to 20% of each tranche of convertible bonds will be attached to each tranche plus a premium of 20% of the principal amount of convertible bonds that are issued. The warrants will have a strike price fixed at 20% premium to the average Volume Weighted Average Price of the Shares for the 5 consecutive days immediately prior to the issue date of each warrant. The warrants will expire two years after issuance.