EV Resources (ASX:EVR) has entered an agreement with Sapphire Global Energy Fund for a $25M investment commitment.
EV Resources says it plans to use the proceeds from the capital investment to strategically acquire projects and as working capital to develop its current portfolio.
The investment commitment includes a drawdown facility for 60 months commencing on 1 March 2023, with the price of the drawdown being 95% of the average of the lowest 3 daily VWAPs during the 11 trading days following the Placement Request being sent to the Investor.
Sapphire Global Energy Fund is a New York City-based alternative investment fund managed by Obsidian Global Partners LLC.