Abcourt Announces Binding Term Sheet with Glencore AG for Senior Debt Financing and Offtake Agreement [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
US:NASDAQ Investor Relations:
glencore.com/investors
Company Research
Source: Yahoo! Finance
pleased to announce that it has entered into a binding term sheet with Glencore AG (“ Glencore ”) for a senior debt financing in the principal amount of up to US$ 30 million (the “ Financing ”) and an accompanying offtake agreement (the “ Offtake ”, and together with the Financing, the “ Transaction ”). Key Financing Points: The Financing will be provided by Glencore in two tranches for aggregate gross proceeds of up to US$30 million: Tranche A: US$18.125 million, available to be drawn on the Closing Date (as defined below); and Tranche B: up to US$11.875 million, available to be drawn at the Corporation's option between December 1, 2026 and January 31, 2027. The Corporation intends to use the proceeds of the Financing to (i) repay higher-cost debt in order to reduce its cost of capital and strengthen liquidity, (ii) fund exploration work and capital expenditures at its Flordin project (including worker camp, hoist, tailings and related infrastructure), and (iii) provide add
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