5E Advanced Metals (ASX:5EA) entered into a restructuring support agreement with its primary lenders to bolster its balance sheet and provide a funding package of up to $30 million, according to a Wednesday Australian bourse filing.
The lenders include Ascend Global Investment Fund, for and on behalf of Strategic, Bluescape Special Situations IV, and Meridian Investments.
The agreement will result in full equitization of all convertible notes, for which the company will issue 312.5 million shares, the filing said. The lenders will be able to acquire $5 million of common shares in total at a purchase price of $0.2920 or a five-day volume-weighted average price, whichever is lower.
The lenders will also receive one-year warrants to purchase shares equal to an aggregate of up to $20 million divided by the equity purchase price.
Further, Ascend and Bluescape will each have the right to nominate two directors to the dual-listed firm's board, which will consist of four members after the package.
The closing of the agreement is subject to shareholder approval, among other conditions.
5E Advanced Metals' shares fell past 19% in recent trade on Wednesday.
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