Athena Resources announces entitlement offer

Athena Resources (ASX:AHN) is initiating a renounceable pro-rata entitlement offer to raise approximately A$2.67 million. Eligible shareholders can purchase one new share for every two shares held at A$0.004 per share. The offer is fully underwritten by Fenix Resources Limited.

Athena Resources' strategic fundraising efforts

Athena Resources Limited is conducting a renounceable pro-rata entitlement offer, aiming to raise about A$2.67 million. The offer is structured to allow eligible shareholders to purchase one new share for every two shares they currently hold, priced at A$0.004 per share. This initiative is fully underwritten by Fenix Resources Limited, which will convert part of its existing convertible notes into shares, securing a 19.84% stake in Athena. The funds generated are allocated for upgrading the Byro Magnetite Project's Scoping Study, exploring opportunities in the Green Steel industry, recruiting a new CEO, and providing general working capital. The entitlement offer opens on December 10, 2024, and closes on December 23, 2024. Athena's commitment to enhancing its projects and leadership team demonstrates its strategy to strengthen its market position, though it acknowledges the speculative nature of the investment and associated risks.

Executive insights on Athena's strategic move

The funds raised will be used for the advancement of the Byro Magnetite project, recruitment of a new CEO, and working capital.