Revolver Resources (ASX:RRR) closes AU$900,000 Convertible Note Deal for Dianne Copper Mine

August 28, 2024 11:22 AM AEST | By Sonal Goyal

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Revolver Resources (ASX:RRR) closes AU$900,000 Convertible Note Deal for Dianne Copper Mine — Image source: Company website

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Highlights

A convertible note facility agreement executed with Obsidian Global for an immediate cash injection of AU$900,000.

Funds will be used to advance pre-development work at Revolver Resources’ Dianne Copper Mine.

The final investment decision for the Dianne Mine is expected in the second half of 2024.

The first production of LME-grade copper cathode is targeted for the second half of 2025.

The convertible note features an 18-month maturity with zero interest.

Revolver Resources Holdings Limited (ASX:RRR) has entered into a convertible note facility agreement with Obsidian Global GP, LLC. This agreement has provided an immediate cash injection of AU$900,000, which will be directed towards progressing pre-development workstreams at the company’s Dianne Copper Mine.

This bridge funding comes at a crucial time as the company is advancing comprehensive project finance initiatives for its Dianne Mine. Among these initiatives is a recently executed Memorandum of Understanding (MoU) with the China Copper Industry Investment Alliance (CCIIA). Details here.

The final investment decision for the Dianne Mine is anticipated in the second half of 2024, with the first production of LME-grade copper cathode slated for the latter half of 2025.

RRR shares traded at AU$0.051 apiece on 27 August 2024 with a market cap of AU$13.24 million.

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