Brief: Norsk Titanium: Addendum To Bridge Loan, Strategic Update

Norsk Titanium AS

28/09/2023 08:00

Sept 28 (Reuters) - Norsk Titanium AS  NTI.OL :
    * NORSK TITANIUM AS: ADDENDUM TO BRIDGE LOAN AND STRATEGIC
UPDATE
    * PARTIES HAVE ENTERED INTO ADDENDUM TO INCREASE SIZE OF
LOAN TO
PROVIDE COMPANY WITH AN ADDITIONAL USD 2 MILLION
    * NET PROCEEDS OF LOAN ADDENDUM WILL BE USED TO EXTEND CO'S
CASH
RUNWAY, ENABLE CO TO CONTINUE EXPLORING OPPORTUNITIES TO SECURE
LONG-TERM FINANCING
    * NORSK TITANIUM WILL HAVE A CASH RUNWAY FOR CURRENT
OPERATIONS
UNTIL END OF OCTOBER 2023 AT CURRENT BURN RATE
    * TERMS AND CONDITIONS OF LOAN ADDENDUM REMAIN UNCHANGED
FROM
ORIGINAL LOAN
    * SHOULD PROCESS OF SECURING FUNDING EXTEND BEYOND AVAILABLE
CASH
RUNWAY, CO MAY NOT BE ABLE TO FINANCIALLY SUPPORT CURRENT
OPERATIONS
    * MAY THEN BE REQUIRED TO IMPLEMENT INTER ALIA COST REDUCING
MEASURES AND ASSESS CONTINUED OPERATIONS

Source text for Eikon:  ID:nObi0L4bQa 
Further company coverage:  NTI.OL 

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