5E Advanced Materials Announces Agreement To Sell $6M Of Additional Convertible Notes; Bluescape Energy Partners And Ascend Global Investment Fund SPC Will Each Purchase $3M In Additional Notes That Will Be Initially Convertible Into Common Stock At $1.53 Per Share

Additional notes expands the Company's runway for further refinement of active operational process development and expanded commercial arrangements

 

Company provides additional updates on recent operational performance

HESPERIA, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- 5E Advanced Materials, Inc. (NASDAQ:FEAM) (ASX: 5EA) ("5E" or the "Company"), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas Complex, agreed to issue $6 million in additional senior secured convertible notes (the "Notes"). Bluescape Energy Partners and Ascend Global Investment Fund SPC will each purchase $3 million in additional Notes that will be initially convertible into common stock at $1.53 per share, with an August 2028 maturity, paying interest in-kind at 10%. The additional capital will facilitate the ongoing operation of the Small-Scale Facility and FEL-2 engineering while the Company progresses qualifying customers for commercial offtake agreements and continues to pursue various government funding applications.