Technology Minerals Plc entered into a convertible bond facility agreement with CLG Capital LLC for gross proceeds of up to £5 million floating rate 24-month convertible bonds on January 8, 2024. The convertible bonds are subject to a 40 day lock up period after issue before they may be converted into ordinary shares in the company, such conversion to be at a price of 95% of the average of the Volume Weighted Average Price of the shares on three trading days during the 10 consecutive trading days immediately prior to the receipt by the company of the relevant conversion notice. The company will pay a fee of 3% of the aggregate principal amount of each tranche of convertible bonds issued on the issue date.

The company will initially draw down two tranches totaling £1 million.