First Lithium (ASX:FL1) secured a AU$1.2 million loan with sophisticated and professional investors, including existing substantial shareholder, Intermin Mines Corporation, according to a Wednesday filing with the Australian bourse.
The loan is split into three tranches of AU$400,000 each. It is due on Dec. 30 and bears an interest of 10% per annum. The loan may be converted into fully paid ordinary shares at an issue price of AU$0.10 per share.
The lender will also be entitled to receive one unlisted option, exercisable at AU$0.30 and expiring June 30, 2028, for every loan share issued, per the filing.
Separately, First Lithium received the go signal from the National Director of Geology and Mines in Mali for the continuation of a geophysical survey on the Faraba and Blakala permits. It comes after the Mali government partially lifted the suspension of mining permits. The license renewal process is ongoing.
The company's shares were up almost 6% in recent Thursday trade.
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