Extensions to Waivers under Jervois Debt Facilities
16 October 2024 (Australia) - Jervois Global Ltd. ("Jervois" or "Company") (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) advises the majority bondholder of the US$100 million 12.5% Idaho Cobalt Operations senior secured bonds (the "ICO Bonds") and lender under the Jervois Finland Working Capital Facility ("JFO Facility") ("Lender"), has agreed to further waiver extensions under both facilities to 14 December 2024, or as extended at the Lender's discretion, or such other date contemplated by a transaction support agreement in relation to a proposed recapitalisation, in circumstances where the Company and Lender enter into such an agreement (the "Outside Date"). In relation to the ICO Bonds, the Lender, via its position as majority bondholder agreed to extend the waiver in respect of all financial covenants and certain potential cross-defaults (collectively the "Waiver") and further extension of the ICO Bonds interest deferral with respect to the semi-annual payments (the "Deferral")1 to the Outside Date and to forbear remedies associated with financial covenant compliance. To be implemented, the Waiver and Deferral required approval of at least 2/3 of the principal amount of the ICO Bonds. The necessary written resolution of ICO bondholders has been passed.
These additional extensions accompany ongoing negotiations across potential transactions to strengthen Jervois' balance sheet.
On behalf of Jervois Global Limited
Bryce Crocker, CEO
For further information, please contact:
| Investors and analysts: Alicia Brown Group Manager - External Affairs Jervois Global alicia.brown@jervoisglobal.com | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
Forward-Looking Statements
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule", "expected" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the strengthening of the balance sheet and certain other factors or information. Such statements represent Jervois' current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 See JRV ASX Announcements dated 9 May 2024, 22 July 2024,21 August 2024, 2 September 2024 and 9 September 2024.
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