The offer price for the new shares is 2 cents each, being the same issue price for the shares of NTU’s $22 million private placement announced earlier this week.
Funds raised under the SPP will be used for the continued development of NTU’s projects and operation of the company’s business; for expenditure relating to care and maintenance of the Browns Range Pilot Plant; and for general working capital purposes.
The SPP will open on April 22 2020 and will remain open until 5:00pm (Perth Time) on May 29 2020
Potential placement facility
NTU has executed a term sheet with Lind Global Macro Fund, LP in relation to a potential placement facility for the placement of ordinary shares up to $33.5 million over multiple tranches (during a 12-month term).
It is intended that the facility is structured in an arrangement under which Lind would pre-pay for shares which would then be issued by the company in shares or repaid in cash.
The term sheet is non-binding in respect of the advancement of funds and the issue of shares and no formal agreements have been agreed between the parties at this stage.