Metals Acquisition Corp. (NYSE:MTAL) announced in an 8-K this afternoon that it has entered into a silver stream equity subscription agreement, redemption backstop, and copper stream equity subscription agreement to support its combination with Glencore’s (LON:GLEN) CSA Copper Mine.

On March 20, the SPAC entered into a silver stream subscription agreement with Osisko Bermuda pursuant to which the subscriber has committed to purchase 1.5 million new MAC ordinary shares at $10 per share for $15 million.

Metals and Osisko then entered into a redemptions backstop facility, consisting of a copper purchase agreement, with an upfront deposit of up to $75 million and up to a $25 million equity subscription. This deposit is drawable under the SPAC’s discretion in the event that there is a shortfall of funds required for the business combination.

Additionally, Metals and the subscriber entered into a copper stream subscription agreement to purchase up to 2.5 million new MAC ordinary shares at $10 per share for $25 million. The number of subscribed copper shares purchased by Osisko will be adjusted on a pro-rata basis proportional to the percentage of the available copper deposit drawn down by New MAC under the copper stream.

Each of the subscriptions and the backstop are conditional upon the completion of the Copper Stream, Silver Stream, Senior Facilities, Mezz Facility and the Business Combination.

In addition to this, the SPAC also entered into a silver purchase agreement and a copper purchase agreement, each consisting of a $75 million upfront cash deposit.

These agreements come just a week after Metals secured a $135 million mezzanine facility and $15 million PIPE investment for its business combination with CSA Copper Mine. The parties announced their $1.1 billion deal in March 2022. Glencore’s CSA copper and silver mine is among the Australia’s largest, having exploited about 41,000 metric tons of copper in 2021.