Athena Resources Limited announced that it has secured a binding commitment from Fenix Resources Limited to issue 100 notes at an issue price of AUD 10,000 per note for the gross proceeds of AUD 1,000,000 on March 1, 2024. The 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 company will issue 32 Notes at an issue price of AUD 10,000 per note for the gross proceeds of AUD 320,000 which will be issued on March 8, 2024 as the first tranche. The Company will, within 3 months, seek Shareholder approval at a general meeting to issue a further 68 Notes; If shareholder approval is not obtained within 3 months, the parties will cease to have any obligations in respect of the Tranche 2 Notes. The investor at any time after 30 September 2024 and prior to the Maturity Date, elect to convert the outstanding Face Value of a Note (and any accrued and unpaid interest) into fully paid ordinary shares in the Company (Shares) at the Conversion Price. The conversion price is AUD 0.002 per share. The notes will mature 12 months from the date of issue of the Tranche 1 Notes. Further, if both tranches of notes are issued and Fenix elects to fully convert the notes at the aforementioned price, it will, subject to any required Athena shareholder approval, become the largest shareholder in Athena with a 31.8% stake. If shareholder approval is not obtained within 3 months, the second tranche will not be issued.