Globe Metals & Mining Limited (ASX: GBE) announced today that it has secured an unsecured working capital facility of up to US$600,000. The facility agreement has been entered into with Director Bo Tan and is designed to provide Globe with crucial additional short-term funding flexibility to support its general working capital requirements. This strategic financial move aims to bolster the company’s immediate operational liquidity and ongoing strategic initiatives.
The principal terms of the facility outline an unsecured arrangement with an annual interest rate of 12%, calculated daily and payable monthly in arrears. Drawdowns from the facility require a minimum of US$200,000, unless otherwise agreed by the lender, and are subject to a five business days’ notice period before each advance. Repayment for each advance, inclusive of accrued interest, must occur within three months of the relevant drawdown date or by 31 December 2026, whichever comes first. The overall maturity date for the facility is set for 31 December 2026, with the provision for early repayment permitted at any time without penalty.
Charles Altshuler, Interim CEO & CFO of Globe Metals & Mining, expressed the company’s appreciation for the support. “We are grateful to Bo Tan for his continued support of Globe,” Mr Altshuler stated. “This facility provides the Company with additional financial flexibility and strengthens our short-term working capital position as we continue to advance our strategic initiatives.” The facility agreement also incorporates customary conditions precedent, representations and warranties, borrower undertakings, and events of default typical for a financial arrangement of this nature. This announcement was authorised for release by the Globe Interim CEO & CFO.
