The deal was previously announced on 14 February.
Baker Steel will invest US$3mln into Canadian-listed Azarga Metals via an 8% secured convertible loan due 31 December 2022.
The loan is convertible at C$0.14.
The first tranche of US$1mln of the US$3mln convertible Loan has been drawn, with the second tranche of US$2mln to be drawn no later than six months from now
Azarga Metals will use the convertible Loan proceeds to undertake a second-phase drilling and exploration programme at the Unkur copper-silver project in Russia.
An existing preliminary economic assessment on Unkur gives the project a post-tax net present value at an 8% discount rate of US$147.5mln.
In addition to the loan, Baker Steel has been issued with 13.49mln warrants with an exercise price of C$0.17 per share.
It also gets an option to acquire a 2% net smelter revenue royalty on the Unkur Project from Azarga Metals for US$5mln.
Unkur currently has an NI 43-101 compliant resource of 724mln pounds of copper and 76.8mln ounces of silver, equating to a total silver equivalent resource of 182mln ounces.