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(Nasdaq: SMTK) funded a $4,500,000 convertible promissory note to Ferrox Critical Minerals, a British Virgin Islands company, collecting a $400,000 origination fee at closing, the company disclosed in an 8-K filed with the Securities and Exchange Commission.
The note carries a 5.0% annual interest rate and matures January 31, 2027. Third note in three months The July 27 loan follows two earlier bridge notes SmartKem extended to Ferrox, dated April 23 and June 22, 2026.
SmartKem holds conversion rights into Ferrox ordinary shares at the lower of an independently appraised fair market value or a price implied by a total Ferrox equity value of $80,000,000, on a fully diluted basis.
The company may exercise that option at any time, and the conversion price adjusts for stock dividends, splits, and combinations.
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