Texas Mineral Resources amends Round Top JV agreement; sets 3% minimum interest, new cash call dilution rules

Texas Mineral Resources Corp.

If TMRC fails to fund a cash call, USARE can fund the shortfall and TMRC's interest dilutes by shortfall / TMRC market cap.
TMRC's interest cannot fall below 3%; further dilution triggers priority distributions to USARE instead.
Monthly cash calls require member contribution within 10 days; no response counts as deemed non-contribution.
Distributions: cash in excess of reserves paid pro rata; priority distributions to USARE if minimum interest triggered.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Texas Mineral Resources Corp. amended Amended Company Agreement with USA Rare Earth, LLC (effective 2023-06-26).

Action: amendment
Counterparty: USA Rare Earth, LLC
Effective: 2023-06-26

Exact text from the filing

On June 26, 2023, TMRC, USARE and the manager amended and restated the Company Agreement (“Amended Company Agreement”) to adopt certain amendments.

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Texas Mineral Resources Corp. filing history →

Source: SEC EDGAR

accession 0001839882-23-016466

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