ASP Isotopes Inc. (ASPI) disclosed that its wholly-owned subsidiary, Renergen Limited, entered into a Second Amendment and Restatement Agreement with The Standard Bank of South Africa. This agreement modifies a secured term loan facility, increasing the principal to ZAR 230.5 million (approx. $14.2 million) by capitalizing accrued interest and extends the maturity date by one year to August 14, 2027.
Key Details
- Amended Loan Facility: The total principal amount is now ZAR 230,532,658.90 (approx. $14.2 million), which includes the previous principal of ZAR 155 million plus capitalized accrued interest.
- Terms & Maturity: The loan matures on August 14, 2027, and accrues interest at a compounded reference rate plus a 1.46% margin (effective rate of 8.31%).
- Collateral & Covenants: The agreement requires Renergen to maintain a collateral account equal to the loan commitment. It also includes a Put Option Agreement, granting the lender the right to require ASPI to purchase 1,546,268 pledged ASPI shares in an event of default. The borrower must also obtain waivers for defaults on other funding agreements by November 30, 2026.