Mayur Resources signed a non-binding exclusive term sheet for a proposed US$50 million ($75.1 million) investment from ACAM.
The agreement will make ACAM a significant shareholder and fund Mayur's Central Lime Project in Papua New Guinea, replacing Vision Blue's equity funding and retiring $9.2 million in debt.
A $5 million share placement to existing sophisticated investors has been completed.
Proceeds will fund stages two and three of the CLP's wharf facilities, with raw limestone production expected to generate early cash flow by late 2024.
ACAM will have six weeks of exclusivity to finalise the transaction, including obtaining board positions at Mayur and its subsidiary MRCL, and rights of first and last refusal at the subsidiary project level.