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Lotus Resources Raises AU$138.1 Million Strategic Funding Package to Support Kayelekera Ramp-Up

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Lotus Resources (ASX:LOT) disclosed a strategic funding package to de-risk Kayelekera's continued ramp-up and provide financial flexibility as it transitions to steady-state production, according to a Thursday Australian bourse filing.

The company said the package comprises a fully underwritten AU$60.1 million accelerated non-renounceable entitlement offer, a binding agreement for AU$35 million in senior unsecured convertible notes from CVI Investments, managed by Heights Capital Management, and a binding commitment letter with Mercuria Energy Trading for a AU$43 million inventory-backed prepayment facility and marketing agreement.

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