IN BRIEF: Recyclus inks PS1.1 million loan deal with Close Brothers
Technology Minerals PLC- London-based company that aims to create a circular economy for battery metals - Notes that Recyclus Group Ltd, in which it owns a 48.35% stake, signs £1.1 million loan agreement with Close Brothers Group PLC, a London-based merchant bank. The agreement is a ‘significant milestone in Recyclus’ growth journey, representing a strong vote of confidence in the company’s business model and future potential,’ Technology Minerals says. The asset-backed loan for five years aims to boost the plant’s profitability, productivity and operational efficiency.
Robin Brundle, executive chair of Technology Minerals and Recyclus says: ‘We are pleased to have secured debt financing from Close Brothers, partnering with a leading financial institution to access non-dilutive capital in support of our growth strategy. Close Brothers has been impressed with our long-term vision, including plans to develop multiple facilities to meet the growing demand for lithium-ion battery recycling. As we scale our operations, Close Brothers has expressed an interest in deepening the relationship, further strengthening our position with the support of a financial partner that shares our confidence in the business and its future growth.’
Current Technology Minerals stock price: 0.12 pence, up 14% on Monday morning in London
12-month change: down 46%
Current Close Brothers stock price: 473.20 pence, up 19% on Monday morning in London
12-month change: down 1.5%
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