Mayur Resources (ASX:MRL) Receives Proposed USD $50 Million Investment from ACAM LP
Price Sensitive Announcement $
MRL announced the signing of a Non-Binding Exclusive Term Sheet with
S&F Investment Advisors Ltd and ACAM LP, for a proposed USD $50 million investment
in MRL and its 100% owned MRCL subsidiary.
Highlights:
ACAM LP, a prominent global investor in the natural resources sector, has signed a Non-Binding
Exclusive Term Sheet to invest a proposed amount of USD $50 million in Mayur Resources (MRL
or Company) and its MR Central Lime PNG Pte Ltd (MRCL) subsidiary. ACAM will become a
“substantial shareholder” in MRL at completion.
• The USD $50 million investment will, if completed, replace Vision Blue’s equity funding for
Mayur’s Central Lime Project (CLP) in Papua New Guinea (PNG). It will also be used to retire AUD
$9.2m of MRL debt.
• USD $40 million equity is to be made available alongside the 22 April 2024 announced
Appian Capital Advisory LLP (“Appian”) USD $70m base debt facility (“Debt Facility”) (see below
for further details).
• ACAM will be entitled to hold Board of Director positions on the MRL and MRCL Boards.
• ACAM has been granted a 6-week period of exclusivity in which to close the transaction / enter
into definitive legally binding documentation.
• ACAM has the first and last right of refusal at the subsidiary project level as the primary equity
capital partner covering Central Lime Project (CLP) phase 1, CLP’s expansions, the clinker and
cement works, and other current and future projects within Mayur’s portfolio in PNG.
• MRL has also completed a separate AUD $5 million placement to existing sophisticated investors
to fund Stage 2 and part of Stage 3 wharf facilities for MRL’s CLP.
Company Notes:
Richard Pegum, Chairman of Mayur Resources, said: “We are extremely pleased to have entered this
arrangement with ACAM LP, which represents a transformational investment for MRL. ACAM LP’s
proposed investment will enable MRL to push ahead with our mission of developing mineral projects that
deliver higher quality, lower cost, inputs for the mining and construction industries.”
Full ASX Announcement: https://www.marketindex.com.au/asx/mrl/announcements/us50-million-investment-and-aud5-million-placement-2A1530932