Additionally, Glencore agreed to provide a secured facility of up to $40 million to support Transition Metals' mandatory tender offer obligations under Peruvian regulations. The transaction is not subject to regulatory approvals. Volcan's refinancing efforts The transaction, which is not subject to any regulatory approvals, comes as Volcan finalizes talks with creditors to refinance its debt, including postponing a $34.3 million portion of a $400-million syndicated loan due in April-June. This follows an agreement with several banks. Glencore acquired a controlling stake in Volcan from previous family owners for $734 million seven years ago. Prior to the sale, friction between Glencore (with a 55-percent stake in Volcan's voting rights) and other shareholders caused uncertainty, leading to new management in 2023.