International Graphite Limited (ASX:IG6) announced an institutional investment agreement with Pioneer Resource Partners, LLC for up to A$3M. The funding will support feasibility work at the Springdale Graphite Project in Western Australia, advance the company’s graphite processing operations, and provide general working capital.
The investment will be made in up to three tranches via prepayments for ordinary shares. The first tranche of A$500,000 (for A$545,000 worth of shares) is expected within a week. A second tranche of A$300,000 may follow within 12 months, subject to investor consent. A third tranche of up to A$2.2M may be made by mutual agreement.
Shares will be issued at a purchase price initially set at A$0.10, with future pricing based on volume-weighted averages, subject to a floor price of A$0.037. The company retains the right to repay the investment in cash instead of issuing shares, under certain conditions.
Andrew Worland, CEO of International Graphite commented, “We are pleased to have the support of Pioneer Resource Partners. The funding will provide flexibility as we continue to advance our projects. Graphite is one of the most important critical minerals to western world supply chains and is at the heart of U.S. government defence, industrial and energy policy making. The geopolitical landscape and regulatory framework sets up perfectly for International Graphite’s mine to market business plan.”
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