Fenix funding support for Athena Resources Subscription for up...

Fenix funding support for Athena Resources
Subscription for up to A$1 million in Convertible Notes
HIGHLIGHTS
• Fenix has agreed to subscribe for up to 100 Convertible Notes in Athena Resources
Limited, with a collective face value of A$1,000,000 convertible at $0.002/share
• Assuming all Notes are issued and fully converted into Athena shares, Fenix will
become the largest shareholder in Athena, with an approximate 31.8% shareholding
• The Notes will accrue simple interest at 8% per annum, maturing 12 months from
the date of first issuance
• Provides an opportunity for Fenix to gain exposure to Athena’s Byro Magnetite
Project in WA’s Mid-West
Fenix Resources Limited (ASX: FEX) (Fenix or the Company) advises the Company has
entered into a binding agreement with Athena Resources Limited (ASX:AHN) (Athena) whereby
Fenix will subscribe for up to A$1,000,000 worth of convertible notes (Notes) in Athena.
The funding to be supplied by Fenix is intended to assist Athena in completion of the pending
Scoping Study of Athena’s Byro Magnetite Project in Western Australia’s Mid-West region.
The Notes are available in two tranches, with the first tranche to be issued using Athena’s available
placement capacity under listing rule 7.1, and the second tranche to be issued subject to Athena
shareholder approval. If shareholder approval is not obtained within three months, the second
tranche will not be issued. 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.
If both tranches of notes are issued and Fenix elects to fully convert the Notes at the conversion
price of $0.002/share, Fenix will, subject to any required Athena shareholder approvals, become
the largest shareholder in Athena with an approximate shareholding of 31.8% (plus any additional
shares issued for conversion of interest accrued). A summary of the material terms of the Notes is
included below in Schedule 1.
The Byro Magnetite Project is located 340km north-east of the port of Geraldton and hosts a
magnetite mineral resource. Athena is working to complete a Scoping Study for the production of
a high grade, low impurity magnetite concentrate that would demand a premium price and could
be hauled to Geraldton for export.
Authorised by the Board of Fenix Resources Limited