Metals Acquisition Corp: debt financing — Metals Acquisition Corp enters $75M silver stream, up to $75M copper stream with Osisko for CSA Mine financing

Metals Acquisition Corp

Silver Deposit of $75M (potentially +$15M at LBMA silver ≥$25.50/oz) for 100% of CSA Mine payable silver; ongoing 4% of market price.
Copper Deposit of up to $75M, drawable at MAC's option, for 0%–4.875% of CSA Mine payable copper; ongoing 4% of LME price.
Osisko commits to buy 1.5M New MAC shares at $10/share ($15M) under Silver Stream Subscription Agreement.
Copper Stream includes equity subscription of up to 2.5M New MAC shares at $10/share ($25M), pro-rata to deposit drawn.
Streams and equity are part of up to $1.1B CSA Mine acquisition financing; subject to completion of senior facilities, mezz, and business combination.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Metals Acquisition Corp incurred debt of $75,000,000 upfront cash deposit with Osisko Bermuda Limited.

Principal: $75,000,000 upfront cash deposit
Counterparty: Osisko Bermuda Limited
Event: incurrence

Exact text from the filing

On March 20, 2023, Metals Acquisition Corp. (Australia) Pty Ltd (“MAC-Sub”), a wholly owned subsidiary of Metals Acquisition Corp (“MAC”), as a seller psa entity, MAC and Metals Acquisition Limited (“MAC Limited”) (which will merge with and into MAC and be the surviving entity (“New MAC”) following the Business Combination (defined below)), as seller, entered into a silver purchase agreement (the “Silver Stream”) with Osisko Bermuda Limited (the “Purchaser”), pursuant to which the Purchaser will advance to New MAC a $75,000,000 upfront cash deposit (the “Silver Deposit”) on account of future deliveries of refined silver by New MAC to the Purchaser referenced to silver production from the CSA Mine (as defined below).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Metals Acquisition Corp entered into Silver Stream Subscription Agreement with Osisko Bermuda Limited valued at 1,500,000 New MAC Ordinary Shares at a purchase price of $10.00 per share and an aggregate price of (effective 2023-03-20).

Action: entry
Agreement: equity purchase
Counterparty: Osisko Bermuda Limited
Value: 1,500,000 New MAC Ordinary Shares at a purchase price of $10.00 per share and an aggregate price of
Effective: 2023-03-20

Exact text from the filing

On March 20, 2023, New MAC and MAC entered into a subscription agreement with Osisko Bermuda Limited (the “Subscriber”) (the “Silver Stream Subscription Agreement”) pursuant to which the Subscriber has committed to purchase 1,500,000 New MAC Ordinary Shares at a purchase price of $10.00 per share and an aggregate price of $15,000,000.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Metals Acquisition Corp entered into Silver Stream with Osisko Bermuda Limited valued at $75,000,000 upfront cash deposit (effective 2023-03-20).

Action: entry
Counterparty: Osisko Bermuda Limited
Value: $75,000,000 upfront cash deposit
Effective: 2023-03-20

Exact text from the filing

On March 20, 2023, Metals Acquisition Corp. (Australia) Pty Ltd (“MAC-Sub”), a wholly owned subsidiary of Metals Acquisition Corp (“MAC”), as a seller psa entity, MAC and Metals Acquisition Limited (“MAC Limited”) (which will merge with and into MAC and be the surviving entity (“New MAC”) following the Business Combination (defined below)), as seller, entered into a silver purchase agreement (the “Silver Stream”) with Osisko Bermuda Limited (the “Purchaser”), pursuant to which the Purchaser will advance to New MAC a $75,000,000 upfront cash deposit (the “Silver Deposit”) on account of future deliveries of refined silver by New MAC to the Purchaser referenced to silver production from the CSA Mine (as defined below).

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Source: SEC EDGAR

accession 0001104659-23-035637

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