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Cape Lambert secures A$15M funding; shares surge 30%

ASX-listed Cape Lambert Resources Ltd.'s share price jumped 30% in late afternoon trading on the ASX after it executed a nonbinding terms sheet for a A$15 million finance facility.

The facility will provide flexibility to the company as it looks to negotiate an off-take deal or secure a strategic partner, according to the May 29 release.

The facility was secured from Winance Investment LLC by issuing convertible securities. An initial A$1 million will be available for immediate draw down.

The convertible notes bear no interest, and have a 36-month maturity.