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Early Warning Press Release in Respect of Li-Cycle Holdings Corp.

·3 min read

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instruments 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues

NEW YORK, Sept. 23, 2022 /CNW/ - Glencore Ltd. (the "Company" or "Glencore") announces that on May 31, 2022, the Company was issued an unsecured convertible note (the "Convertible Note") in an aggregate principal amount of USD$200,000,000 (the "Principal Amount") by Li-Cycle Holdings Corp. (the "Issuer") As a result of the issuance of the Convertible Note, Glencore could become beneficial holder of more than 10% of the issued and outstanding common shares of the Issuer ("Common Shares") upon conversion of the Convertible Note.

If Glencore elects to convert the entire Principal Amount, the Company would hold 20,100,503 Common Shares, being approximately 10.3% of the outstanding Common Shares on a non-diluted basis. Immediately prior to the issuance of the Convertible Note, Glencore, did not beneficially own or exercise control or direction over any Common Shares or any securities convertible into Common Shares.

The Issuer, Glencore and Glencore plc (the "Glencore Parent") are subject to an amended and restated standstill agreement dated May 31, 2022 (the "Standstill Agreement"), which restricts Glencore, the Glencore Parent and their affiliates from taking certain actions, including acquiring voting securities of the Issuer in excess of 5.0% of the then outstanding voting securities of the Issuer, until the five years from the date of the Standstill Agreement (the "Standstill Period"). However, the Standstill Agreement does not restrict Glencore's ability to convert the Convertible Note.

Glencore is a wholly-owned indirect subsidiary of the Glencore Parent, a globally diversified natural resource producer and commodities trading company.

This news release, and the early warning report filed in connection with the issuance of the Convertible Note, was filed late due to administrative error.

An early warning report prepared pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues by Glencore has been filed on SEDAR at www.sedar.com under the Issuer's profile. To obtain more information or to obtain a copy of the early warning report to be filed in respect of this news release, please contact Glencore at the contact details noted below.

About Glencore plc

About Glencore plc Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly sourced commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, they produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the energy needs of today. Glencore's ambition is to be a net zero total emissions company by 2050. In August 2021, they increased their medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels. For more information, please visit the Glencore website at www.glencore.com.

The Company's head office is located at 330 Madison Ave, New York, NY. 10017

SOURCE Glencore Ltd.


View original content: http://www.newswire.ca/en/releases/archive/September2022/23/c3934.html