Metals X, Cyprium Metals Agree to Amend Terms of AU$36 Million Convertible Notes

MT Newswires Live08-22

Metals X (ASX:MLX) has agreed with Cyprium Metals (ASX:CYM) to amend terms of its AU$36 million convertible notes, including a three-year redemption date extension and a AU$5 million amendment fee payable in AU$2.5 million installments, according to a Thursday filing to the Australian bourse.

The annual interest rate has been adjusted to 6% annually and the conversion price adjusted to a 25% premium to the share price when Cyprium next raises equity, the filing stated.

Cyprium will issue Metals X 40.6 million options with a two-year expiry and exercise price at a 25% premium to the next capital raise. A binding term sheet has been signed and long-form documentation is in process for the amendments, according to the filing.

Metals X shares rose marginally in Thursday trade, while Cyprium Metals shares were down over 3% in recent trade.

Price (AUD): $0.40, Change: $+0.0020, Percent Change: +0.51%

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