Elevra Lithium Limited (ELVR) Issuance of Upfront Tranche of Convertible Notes
North American lithium producer Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) (OTCMKTS:SYAXF) has announced the issuance of the C$65 million Upfront Tranche of Convertible Notes (the "Upfront Tranche") to a subsidiary of Canada Growth Fund Inc. ("CGF") pursuant to the previously announced Strategic Financing Package to support the North American Lithium ("NAL") Brownfield Expansion.
The issuance of the Upfront Tranche was approved by shareholders at the Company's Extraordinary General Meeting held on 16 July 2026. Proceeds from the financing will be used to fund the staged expansion of NAL, and to provide additional liquidity to ensure capital management adequacy.
The Upfront Tranche will have a maturity of five years from the issue date and will accrue interest at CORRA (floored at zero) plus 225 basis points per annum, payable semi-annually in arrears. The conversion price per share for the Upfront Tranche is A$17.17, and conversion will be permitted from the first anniversary of the issue until shortly before maturity.
The Upfront Tranche forms part of the broader financing package announced by the Company in May 2026, comprising equity financing and two tranches of Convertible Notes. Together, the financing fully funds the planned NAL Brownfield Expansion and supports Elevra's strategy to increase annual production capacity and reduce unit operating costs, which will underpin the Company's transition towards becoming a more resilient and globally relevant lithium producer.
The issuance of the C$80 million second tranche of Convertible Notes (the "Conditional Tranche") remains subject to the satisfaction of certain conditions, including obtaining shareholder approval, Elevra's election to proceed with drawing down on the facility, and the fulfilment of other customary conditions.
Andrew Barber Investor Relations PH: +61 7 3369 7058
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