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Native Mineral Resources Secures AU$3.5 Million Convertible Security Funding From Lind Global

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Native Mineral Resources (ASX:NMR) has entered into a third convertible security funding agreement with Lind Global Fund III LP, providing the company with funding of AU$3.5 million in exchange for a convertible security with a face value of AU$4.2 million, according to a Thursday Australian bourse filing.

The company said the facility has a 24-month maturity date and includes a 120-day repayment holiday, with the convertible security convertible at a fixed conversion price of AU$0.066 per share.

The facility will be repaid through monthly repayments of AU$210,000, which may be satisfied in cash or shares, with NMR able to request a further investment of up to AU$4 million during the following 12 months, subject to shareholder approval, market capitalisation milestones, and investor approval, the filing added.

Proceeds will be used for working capital, debt management, and advancement of the company's growth strategy, it added.

The company's shares rose 2% in recent Thursday trade.

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