Sunrise Energy Metals Secures Up to $400 Million Conditional Loan Commitment From US Office of Strategic Capital

MT Newswires Live

08/10

Sunrise Energy Metals (ASX:SRL) said the US Department of War's Office of Strategic Capital confirmed a conditional commitment for an up to $400 million loan to support the development of the company's Syerston scandium project in New South Wales, according to a Monday filing with the Australian bourse.

Subject to financial close, the loan will carry a maturity of 25 years with funding made available in multiple phases, per the filing.

Each disbursement will be subject to Sunrise Energy hitting project milestones and other conditions, including the company's deployment of specified amounts of equity and the receipt of binding offtake agreements.

Additionally, Sunrise Energy said it has started preparations to list on a US securities exchange, subject to shareholder, court, and regulatory approvals.

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