debt
confidence high
sentiment neutral
materiality 0.65
SmartKem provides $4.5M bridge loan to Ferrox Critical Minerals; raises $2M in preferred stock sale
SmartKem, Inc.
- Funded $4.5M convertible promissory note to Ferrox Critical Minerals, due Jan 31, 2027, at 5% interest, convertible at lower of fair market value or $80M equity value.
- Received $400,000 origination fee; default interest rate 15% and $4,500/day management fee.
- Closed $2.0M additional sale of 2,500 Series A Preferred shares and 5,377,025 warrants on July 24, 2026, under existing $17.1M facility.
- As of July 27, 2026, common shares outstanding: 25,862,643.