Norsk Titanium AS: Addendum to Bridge Loan and Strategic Update
Oslo, Norway, 28 September 2023: Reference is made to the stock exchange announcement of 30 August 2023 regarding a bridge loan agreement entered into between Norsk Titanium AS ("Norsk Titanium" or the "Company"), Scatec Innovation AS and Norsk Titanium Cayman Ltd. of USD 2million (the "Loan"). The Company is announcing today that the parties have entered into an addendum to increase the size of the Loan to provide the Company with an additional USD 2 million (the “Loan Addendum”). The net proceeds of the Loan Addendum will be used to extend the Company's cash runway and enable the Company to continue exploring opportunities to secure long-term financing. The Loan Addendum provides an additional time frame for further efforts to secure long term financing. Cost saving measures have been implemented to preserve liquidity and, with the Loan Addendum, Norsk Titanium will have a cash runway for current operations until the end of October 2023 at the current burn rate. The terms and conditions of the Loan Addendum remain unchanged from the original Loan.
The Company notes that no assurances can be given as to the outcome or timing of the review process or ongoing discussions on funding. Should the process of securing funding extend beyond the available cash runway, the Company may not be able to financially support current operations and be required to implement inter alia cost reducing measures and assess continued operations.
For more information, please contact:
John Andersen, Chairman of Norsk Titanium AS
Tel: +47 90 17 40 80
Mike Canario, President and CEO of Norsk Titanium
Tel: +1 518 324 4010
Ashar Ashary, CFO Norsk Titanium AS
Tel: +1 518 556 8966