Athena Resources Limited (ASX:AHN) Announces Entitlement Offer
Entitlement Offer Details
Athena Resources Limited (ASX: AHN) has announced a fully underwritten renounceable entitlement offer to raise approximately A$2.67 million. Eligible shareholders can acquire one new fully paid ordinary share for every two existing shares held at an issue price of A$0.004. The entitlement offer will open on 10 December 2024 and close at 5:00 PM Perth time on 23 December 2024.
Use of Proceeds
Funds raised will be utilised to upgrade confidence in the Byro Magnetite Project’s FE1 Scoping Study, fund new exploration initiatives, recruit a new CEO, and provide general working capital.
Underwriting and Shareholder Participation
The offer is fully underwritten by Fenix Resources Limited, which currently holds 19.84% of Athena and has indicated an intention to fully take part in the entitlement offer. Directors of Athena who hold shares have also committed to participating in full.
Executive Comments
Peter Newcomb, Executive Director and Company Secretary, expressed enthusiasm for the entitlement offer, stating, “This opportunity allows our loyal shareholders to participate directly in the future growth of Athena and our strategic projects.”
Trading and Trading Restrictions
Trading of entitlements on ASX is expected to run from 4 December 2024 to 16 December 2024. The offer is available only to shareholders with registered addresses in Australia, New Zealand, or Hong Kong.
Risks Involved
Investments in the new shares are considered speculative. The company highlights various risks including funding, commodity price volatility, operational risks, and the future need for additional capital.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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