5E Advanced Materials issues $6M in convertible notes; conversion price $0.9375

5E Advanced Materials, Inc.

Issued $6M aggregate principal of secured convertible notes to Bluescape, Ascend, and Meridian on Sept 16, 2024.
Notes bear 4.5% interest (10% PIK); convertible at $0.9375 per share into up to 6.4M shares initially.
Conversion rate subject to make-whole adjustment up to additional 3.9M shares; degressive issuance clause may further adjust.
Operating company 5E Boron Americas becomes guarantor with first-priority security interest on all assets.
June 2024 Notes conversion rate adjusted to 692.799 shares per $1,000 due to prior equity offering.

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