Loan & DebtAug 4, 2026, 08:57 AM
Elevra Issues C$65M Convertible Notes for NAL Expansion
AI Summary
Elevra Lithium Ltd. announced the issuance of C$65 million in Upfront Tranche Convertible Notes to a subsidiary of Canada Growth Fund Inc. This financing, approved by shareholders, will be used to fund the staged expansion of the North American Lithium (NAL) Brownfield Expansion and provide additional liquidity. The notes have a five-year maturity, accrue interest at CORRA plus 225 basis points, and have a conversion price of A$17.17 per share. This issuance is part of a broader financing package designed to increase production capacity and reduce unit operating costs.
Key Highlights
- Issued C$65 million Upfront Tranche of Convertible Notes.
- Proceeds will fund the North American Lithium (NAL) Brownfield Expansion.
- Notes have a five-year maturity from the issue date of July 31, 2026.
- Interest accrues at CORRA (floored at zero) plus 225 basis points per annum.
- Conversion price per share for the Upfront Tranche is A$17.17.
- Issuance was approved by shareholders at an EGM on July 16, 2026.
- A C$80 million Conditional Tranche of Convertible Notes is still pending.
Price Impact
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