SmartKem funds $2.3 million convertible bridge loan to Ferrox Critical Minerals

• SmartKem funded a USD 2.3 million bridge loan to Ferrox Critical Minerals on April 23, 2026, under a Convertible Promissory Note maturing Oct. 30, 2026.
• Note carries 5% annual interest; SmartKem received a USD 200,000 origination fee.
• Upon an event of default, interest rate steps up to 15%; Ferrox would owe a USD 4,500 per day default management fee.
• SmartKem can convert obligations into Ferrox ordinary shares at lower of independently appraised fair market value or price implied by USD 80 million fully diluted equity value.
• Agreement grants SmartKem exclusivity through Oct. 30, 2026 for certain change-of-control or financing transactions, supported by a right of first refusal.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SmartKem Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-051601), on April 29, 2026, and is solely responsible for the information contained therein.