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Cape Lambert receives term sheet for $15m Funding Facility

Cape Lambert receives term sheet for $15m Funding Facility


Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE) (Cape Lambert or the Company) is pleased to advise that it has executed a non-binding terms sheet for an A$15m finance facility.


The A$15m facility provides the Company with further flexibility in our negotiations for either an offtake or a strategic partner which may result in alternative funding, such as a cash injection into the Company


The term sheet is provided by Winance Investment LLC (Winance or Investor) for A$15m by way of the issue of convertible securities in the Company.  An initial amount of A$1m will be available for immediate drawdown following the execution of formal documentation.  Further drawdowns of $500k each are available upon full conversion of the notes from the previous drawdown subject to a cooling off period.


Material terms and conditions are outlined in Annexure A.


Cristina Nine, CEO of Winance, commented “Winance is a private investment company, that seek to create positive economic impact and long-term value for the companies we invest in. We have chosen to offer them not only financial support but as well solutions all along the way, access to an unparalleled network of advisors, strategic partners and customers. Our understanding and concept of being together on the same boat and sharing the same vision, the alignment with the management teams and efficient decision-making represents the core of our firm’s success. We bring significant resources and credibility and maintain a long-standing commitment to our principal values of honesty, integrity, and loyalty.”


Tony Sage, Chairman, commented “securing this additional funding provides the Company flexibility and allows us to continue to negotiate with potential strategic partners.”


The Company intends to use a portion of the funds to be drawn down under the Winance financing facility to reimburse Paragon Mining SARL (Paragon) for making the US$500,000 payment to La Patience SPRL in respect to the Company’s Kipushi Cobalt-Copper Tailings Project (refer ASX announcement dated 2 May 2019), as previously warranted by the Company, and for general working capital purposes.


Yours faithfully

Cape Lambert Resources Limited


Tony Sage

Executive Chairman


About Cape Lambert:

Cape Lambert Resources Limited is a listed (ASX: CFE), diversified mineral development and investment company that aims to meet global demand for minerals that drive progress and power our future


Annexure A


-          CFE will receive A$1.0m upon signing definitive transaction documentation; with a further A$14.0m available in tranches of A$500k each upon full conversion of the notes from the previous drawdown, subject to a cooling off period calculated based on the volume of the tranche and average trading volumes during the preceding 60-day period.

-          Subsequent drawdowns of the facility are at the Company’s election, conditional only upon the holder converting issued notes, with no obligation to drawdown subsequent tranches of the facility.

-          The convertible notes will be 98% of the par value A$1.00 each (Par Value).

-          The convertible notes are, subject to prior shareholder approval where required, convertible at any time by the Investor at 90% of the lowest closing VWAP over twelve (12) days prior to the conversion date.

-          The convertible notes bear no interest.

-          The convertible notes have a maturity date of 36 months from the date of signing definitive transaction documentation.

-          The convertible notes are unsecured.

-          The Investor will receive a commitment fee of 5% of the investment amount at the funding of each tranche payable in cash.

-          The Company will seek shareholder approval to issue shares in accordance with the convertible note facility, with the maximum number of shares to be issued on conversion prior to shareholder approval limited to 98,817,595 fully paid ordinary shares.





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