Home » Technology Minerals (TM1) » #TM1 Technology Minerals PLC – Licenses in Cameroon and Funding Drawdown Update

#TM1 Technology Minerals PLC – Licenses in Cameroon and Funding Drawdown Update

Facility Drawdown


Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has drawn down a further £560,000 from the £4.0 million convertible bond facility (the “Facility”) with Macquarie Bank Limited (“MBL”) and Atlas Capital Markets LLC (“ACM”) as detailed in the Company’s announcement on 9 December 2022. Following this, a total of £1,060,000 of the Facility has been drawn down.


This convertible bond tranche has a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company’s discretion. As part of the agreement, MBL and ACM can convert the convertible bonds to Technology Minerals shares (“Shares”) by issuing a conversion notice with the price set at 90% of the 3-day Volume Weighted Average Price of the Shares, where the three days may be consecutive or not and are selected by MBL or ACM (as applicable) from the 20 days prior to the issue of a conversion notice by MBL or ACM. The convertible bonds shall have a maturity of two years from issuance.


Conversion Notice and Total Voting Rights


In addition, Technology Minerals announces that it has received further Conversion Notices from Macquarie Bank Limited (“MBL”) for a total of £210,000 of Convertible Bonds of the first £500,000 tranche drawn from the £4.0 million convertible bond facility (the “Facility”).


Conversion Notice Date

Amount Converted (£)

Number of shares











Technology Minerals will issue 21,144,841 ordinary shares of £0.001 per share (“Ordinary Shares”) at a conversion price of 0.993150p per Ordinary Share. 


Admission and Total Voting Rights


Application will be made for the 21,144,841 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to the Standard List segment of Official List and to trading on the main market of the London Stock Exchange plc, which is expected to occur on or around 8.00 a.m. on 3 March 2023 (“Admission”). Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 1,333,482,275.


The above figure of 1,333,482,275 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.


Cameroon exploration permits validated and granted to Technology Minerals


Further to the announcement on 27 June 2022, Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the Cameroon Ministry of Mines, Industry and Technological Development has confirmed that the five exploration permits at the Technology Minerals Cameroon (“TMC”) Property have been validated under Cameroon law and granted to the Company.


The property covers an area of 2,456km² in south-eastern Cameroon, proximal to the world-class Nkamouna nickel-cobalt laterite deposit, 600km by road east of the port city of Douala, and 400km by road east of the capital of Yaoundé. At least three of the permits are in areas considered prospective for nickel-cobalt rich laterite.


To date, TMC has performed a reconnaissance exploration on the five permit areas, which entailed geochemical evaluation, soil sampling, and lithogeochemical (rock) sampling.  With the approval of the permits finalised, the Company plans to continue further exploration and perform a more detailed remote sensing study of the area for Nickel, Cobalt and Manganese.


Alex Stanbury, CEO of Technology Minerals, said: We are pleased to receive confirmation that these exploration permits have been validated and awarded to the Company. With the prospect located near the world-class Nkamouna nickel-cobalt laterite deposit and covering around 2,500km2 in an area considered prospective for nickel and cobalt, we look forward to further exploration work to increase our understanding of the prospect’s potential.”




Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

c/o +44 (0)20 4582 3500

Oberon Investments Limited

Nick Lovering, Adam Pollock

+44 (0)20 3179 0535

Arden Partners Plc

Tim Dainton, Louisa Waddell  

+44 (0)20 3829 5000

Gracechurch Group

Harry Chathli, Alexis Gore, Rebecca Scott

+44 (0)20 4582 3500

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