(TheNewswire)
7 February 2022 – TheNewswire - Jervois Global Limited (“ Jervois ” or the“ Company ”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) has completed the firstof two drawdowns of 50% of the US$100 million bond offering (the“ Bonds ”) proceeds from the escrow account, as contemplated by the terms of the Bonds .
First drawdown on the Bonds follows RPM Global’sJanuary 2022 site visit in their capacity as Independent Engineer onbehalf of the Bondholders, and submission to the Bonds trustee of anaffirmed cost to complete test, confirming Jervois’ Idaho CobaltOperations development project ( “ICO” ) in Idaho, United States, is fullyfunded to completion. Site cost and construction schedule remain ontrack with Jervois expecting first ore at ICO for August 2022 andsustainable commercial production to be reached from December2022.
These funds will be used exclusively for ongoingconstruction of ICO. Once commissioned, ICO will be the onlymine-supply of cobalt in the United States. Cobalt is a critical metalnecessary for electric vehicles and energy generation and distributionin a carbon constrained economy, as well as industry generally,including the United States’ defense industry.
Further information regarding the US$100 million Bondsare described in the Company’s news release dated 5 July2021.
Jervois’ financial advisor in relation to the Bondswas Magma Capital Advisory.
On behalf of Jervois
Bryce Crocker, CEO
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”, “expecting” and other similar words or expressionsidentify forward-looking statements or information. Theseforward-looking statements or information may relate to the timingconstruction activities at ICO, the timing of productions at ICO, theuse of the funds, 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 inassumptions or changes in circumstances or any other events affectionssuch statements and information other than as required by applicablelaws, 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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