JRVMF - Jervois Issues US$5.1M Tranche 2 Convertible Notes

(TheNewswire)

Australia - TheNewswire - 1 September 2023 - Jervois Global Limited (“ Jervois ” or the“ Company ”) (ASX:JRV)(TSX-V:JRV) (OTC:JRVMF) has closed the secondUS$5.1 million tranche of the US$25.0 million Unsecured ConvertibleNote offering (the “ NoteOffering ”) to MillstreetCredit Fund LP (the “ Noteholder ”) followingapproval of the Company's ordinary shareholders at a general meetingheld in Melbourne, Australia on Monday 28 August 2023.

Each Unsecured Convertible Note entitles theNoteholder, up to maturity in Q3 2028, to be issued a fully paidordinary share in the Company at a conversion price of US$0.0605(A$0.0933 per Jervois share 1 basedon today’s prevailing exchange rate) and carries the right to afixed 6.5% annual coupon payable either in cash or Jervois shares atthe Company’s election. Cash proceeds to Jervois for the US$25.0million Note Offering were reduced by an establishment fee of 4.0%,paid to the Noteholder.

As of 1 September 2023, following the full NoteOffering settlement, Jervois’ cash balance is estimated at US$56.0million. There has been no change to Jervois Finland’s workingcapital loan balance with Mercuria Energy Trading SA, relative to thelast disclosed balance reported on 27 July 2023. The loan remainsfully backed by physical cobalt inventories and receivables.

The US$25 million gross proceeds of the Notes Offeringhave fully settled and are available to the Company on an unrestrictedbasis . Conditional TSX-Vapproval of the second tranche of the Note Offering was received,specifying the requirements for final TSX-V approval, however, thatfinal approval has not yet been issued. This is all consistent withthe process the Company followed for the completed first tranche ofthe Note Offering and the Company believes is customary practice forTSX-V-listed companies.

On behalf of Jervois Global Limited

Alwyn Davey, Company Secretary

For further information, please contact:

Forward-LookingStatements

This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When used in this news release,the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule”, “expected” and other similar words or expressionsidentify forward-looking statements or information. Theseforward-looking statements or information may relate to payment of the establishment fee, obtainingTSX-V approval, and certain other factors or information. Suchstatements represent Jervois’ current views with respect to futureevents and are necessarily based upon a number of assumptions andestimates that, while considered reasonable by Jervois, are inherentlysubject to significant business, economic, competitive, political andsocial risks, contingencies and uncertainties. Many factors, bothknown and unknown, could cause results, performance or achievements tobe materially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements. Jervois does not intend, and does not assume anyobligation, to update these forward-looking statements or informationto reflect changes in assumptions or changes in circumstances or anyother events affections such statements and information other than asrequired by applicable laws, rules and regulations.

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.

1 US$0.0605/share at AUD/USD 0.6484

Copyright (c) 2023 TheNewswire - All rights reserved.