(TheNewswire)
Victoria, Australia – TheNewswire – July 19, 2022 - Jervois Global Limited (“ Jervois ” or the“ Company ”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) has receivedconfirmation from Nordic Trustee AS that the second and final drawdown of US$51 million of its subsidiary’s bond offering (the“ Bonds ”) proceeds from the escrow account (the balance of theinitial US$100 million) will be released, as contemplated by the termsof the Bonds. Funds are expected to be received on or around 20 July2022.
The second drawdown on the Bonds follows RPM Global’sJuly 2022 visit to site of Jervois’ Idaho Cobalt Operationsdevelopment project (“ ICO ”), in Idaho, United States, in itscapacity as Independent Engineer on behalf of the Bondholders, andsubmission to the Bonds trustee of an affirmed cost to complete test,confirming ICO is fully-funded to completion.
Jervois is on track to commence commissioning ICO in Q32022. Once in production, ICO will be the only primary cobalt mine inthe United States and will supply a critical metal necessary forelectric vehicles, energy generation and distribution, defense andother industries, and will play a key role in the transition to thelow carbon economy.
Further information regarding the Bonds is set out inthe Company’s news release dated 5 July 2021.
Magma Capital Advisory served as Jervois’ financialadvisor in relation to the Bonds.
On behalf of Jervois Global Limited,
Bryce Crocker, Chief Executive Officer
For further information, please contact:
Investors and analysts: James May Chief Financial Officer Jervois Global | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
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 timing ofreceipt of Bond proceeds, timing of commissioning of ICO and the future supply of Cobaltand certain other factors or information. Such statements representJervois’ current views with respect to future events and arenecessarily based upon a number of assumptions and estimates that,while considered reasonable by Jervois, are inherently subject tosignificant business, economic, competitive, political and socialrisks, contingencies and uncertainties. Many factors, both known andunknown, could cause results, performance or achievements to bematerially 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.
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