Athena Resources Limited (ASX: $AHN) announcement

Athena Resources Limited (ASX: $AHN) has secured a binding commitment from Fenix Resources Limited (ASX: $FEX) to raise up to $1,000,000 from the issue of Convertible Notes to fund the development of Athena's Byro Magnetite Project in Western Australia's Mid-West region. The Convertible Notes are committed in two tranches, with the First Tranche of $320,000 expected to be drawn imminently. If fully converted, Fenix would become Athena's largest shareholder with a 31.8% shareholding.

Athena Managing Director's commentary

We are delighted to have secured this partnership with Fenix Resources Limited and the $1 million funding commitment which will support the continued development of the Company's wholly owned Byro Magnetite Project. I am excited to form this partnership, which will bring our vision for the Byro Project closer to fruition.

Convertible Note funding summary

Athena Resources Limited (ASX: $AHN) has successfully secured a binding commitment from Fenix Resources Limited (ASX: $FEX) to raise up to $1,000,000 from the issue of Convertible Notes to fund the development of Athena's Byro Magnetite Project in Western Australia's Mid-West region. The funding, committed in two tranches, will be used to upgrade the pending Scoping Study and continue the development of the Byro Project. If fully converted, Fenix would become Athena's largest shareholder with a 31.8% shareholding. The partnership with Fenix Resources Limited marks a significant step forward for Athena Resources in realizing its vision for the Byro Project.