EVR secures $25m investment

Subiaco-based EV Resources has penned a $25 million investment commitment with Sapphire Global Energy Fund resulting in a more than 50 per cent jump in its share price.

The New York-headquartered investment fund is set to put $25 million in EVR through an equity drawdown facility which would have a 60-month period starting in March.

The price of the drawdown would be 95 per cent of the average of the three lowest volume weighted average prices within the 11 trading days after the placement request would be sent to the investor.

The deal hinges on several conditions including the shares not being suspended from trading on the ASX or subject to any trading halts as well as the shares not trading below 0.8 cents during any of the 10 previous trading days.

EVR is an ASX-listed company with projects in Serbia, United States, Mexico, Peru, Austria and Western Australia.

After the announcement this morning, EVR shares were up 53.1 per cent to trade at 2.3 cents at the close of market.

EVR executive director Navin Sidhu said the investment commitment was another major milestone.

“We look forward to implementing our vision to become a strategically diversified explorer and developer of precious and green energy metals,” he said.

“Sapphire is very supportive of the Company and realises the potential we have, thus they have provided us with an extremely competitive and sizeable facility.

“This facility enables us to drawdown when necessary, allowing us to better manage our funding needs, reduce dilution and not be at the mercy of the markets.”