Athena Resources secures funding commitment

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.

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 has secured a binding commitment from Fenix Resources Limited 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, with the First Tranche of $320,000 expected to be drawn imminently, will be applied to the upgrade of the pending Scoping Study and continued development of the Byro Project. If fully converted, Fenix would become Athena's largest shareholder with a 31.8% shareholding. The Convertible Notes have a maturity date of twelve months from the date the First Tranche is issued and accrue interest at the rate of 8% per annum. The partnership with Fenix Resources Limited is expected to bring Athena's vision for the Byro Project closer to fruition.