SmartKem deploys $2.3M in convertible bridge loan to Ferrox Critical Minerals with acquisition optionality

Filed April 29, 2026 · Period ending April 23, 2026 · ~1 min read

Key Changes

• high

  SmartKem funded a $2.3 million bridge loan to Ferrox Critical Minerals (BVI company), earning 5% interest plus $200K origination fee, maturing October 2026. Loan converts to Ferrox equity at lower of fair value or $80M valuation cap.

  Item 1.01 verify on EDGAR →
• high

  SmartKem secured exclusive rights through October 2026 on any Ferrox sale, merger, recapitalization, or new financing. Right of first refusal suggests potential strategic acquisition rather than pure lending play.

  Item 1.01 verify on EDGAR →
• medium

  Loan includes protective covenants blocking Ferrox from incurring debt, paying dividends, selling assets, or amending charter without SmartKem consent. Default triggers 15% interest rate and $4,500 daily penalty fees.

  Item 1.01 verify on EDGAR →