Standard Lithium Ltd (OTCMKTS:STLHF) is moving up in the opening after the news.
Market Action
As of 10:02, STLHF stock is 7.45% to $3.33 with more than 127K shares, compared to its average volume of 224K shares. The stock has moved within a range of $3.0856 – 3.3599 after opening the trade at $3.145.
Major Trigger:
Standard Lithium Announces the Early Conversion of Loan Facility With LANXESS Corporation
Key Highlights:
- announced today that LANXESS Corporation (the “Lender”) has elected for the early conversion in full of its loan facility (the “Loan”) previously advanced to the Company.
- Conversion of the Loan will allow the Company to strengthen its balance sheet with the elimination of long-term debt and conserve capital for ongoing project development work. The early conversion of the Loan will also reduce interest expense and positions the Lender as a key shareholder. The Company has issued 6,251,250 common shares, and 3,125,625 share purchase warrants (each, a “Warrant”), to the Lender in connection with the conversion of the outstanding Loan and has retired the principal of the Loan in the amount of US$3,750,000. Each warrant is exercisable to acquire an additional common share of the Company at a price of C$1.20 until June 10, 2024. For further information regarding the terms of the Loan, readers are encouraged to review the news release issued by the Company on October 30, 2019.
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