Vulcan Energy Resources (ASX:VUL) secured a conditional debt commitment amounting to 879 million euros from Export Finance Australia and seven commercial banks to fund phase 1 of its Lionheart project in Europe, according to a Wednesday filing with the Australian bourse.
The commitment includes a pre-approved credit term sheet outlining key terms and conditions for the proposed debt financing, the filing said.
The company is seeking additional approvals from Export Development Canada, French bank Bpifrance, and Italy's export credit agency Sace to secure further commitments to meet a total debt target of about 1.5 billion euros to 1.6 billion euros, the company said.
Final financing agreements are expected in the first half of 2025.
The company's shares rose nearly 3% in recent Wednesday trade.
Price (AUD): $5.94, Change: $+0.17, Percent Change: +2.95%
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