Welsbach Technology Metals AcquisitionNASDAQ: WTMA

Chicago, IL, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) (“WTMA”) and Evolution Metals LLC (“EM”) today announced that, inter alios, WTMA and EM have entered into a Term Sheet (the “Term Sheet”) with certain legally binding clauses with Broughton Capital Group (“BCG”) for BCG, through a special purpose investment vehicle, to provide an equity investment (“Anchor Equity Investor”) of US$500 million through a private investment in public equity (“PIPE Anchor Equity Investment”) to be consummated concurrently with EM's and WTMA's business combination closing (“Closing”) at a pre-money enterprise valuation for Evolution Metals & Technologies Corp. (“EM&T”), the surviving entity of the business combination, of US$6.2 billion. Additionally, BCG, through a special purpose lending vehicle (“Lender”) agrees to provide to EM&T a debt facility (“Debt Facility”) of up to US$6.2 billion to be consummated concurrently with the Closing. The closing of the PIPE Anchor Equity Investment and Debt Facility is subject to the completion of BCG's on-going due diligence, execution of an equity subscription agreement, execution of a debt facility agreement, the Closing, and other closing conditions.