5E Advanced Materials, Inc. entered into a note purchase agreement and announced a private placement to issue senior secured convertible notes for the gross proceeds of $20 million on January 19, 2024. The transaction will include participation from new investors, Ascend Global Investment Fund SPC managed by Ascend Capital Advisors (S) Pte. Ltd. and 5ECAP, LLC.

On the same day, the company received $10 million in its first tranche and the second tranche of additional equity financing is expected to close at the end of January.