NeoTerra Group Plc (LSE:TERA) has terminated its Growth Capital Facility after issuing only the initial tranche of shares provided for under the financing arrangement.
Under the facility, 12,000,000 ordinary shares were issued to Zeus at nominal value as an initial tranche. NeoTerra said no additional shares were drawn under the facility.
Following the termination, control of the initial tranche of 12,000,000 shares is being returned to NeoTerra in accordance with the mechanism established under the arrangement.
The termination changes the company’s existing funding arrangements as it continues exploration and development activities across its African critical minerals portfolio.
More about NeoTerra Group Plc
NeoTerra Group Plc is a London Main Market-listed exploration and development company focused on critical raw materials projects in Africa.
Its portfolio includes the Monte Muambe project in Mozambique, which covers rare earths, fluorspar and gallium and is held under a 25-year mining licence. The project has also received U.S. government grant funding.
NeoTerra additionally holds the Sesana copper-silver project in Botswana, located near MMG’s Khoemacau mine.
The company is evaluating additional projects as it develops a portfolio spanning commodities used in clean energy, technology, defence and industrial applications.
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