Fin Resources Limited (ASX: FIN) Raises $445K via Convertible Notes and Introduces Share-Based Remuneration
Convertible Note Funding
Fin Resources Limited (ASX: FIN) is set to raise up to $425,000 through the issuance of Convertible Notes to various sophisticated investors. Non-Executive Director Bruce McFadzean will subscribe for an additional $20,000, bringing the total funding to $445,000. The issuance is subject to shareholder approval at a general meeting in April 2025. The funds will support ongoing projects, corporate and administration costs, and project evaluation. The company will continue cost-reduction initiatives and explore strategic equity investors and new project opportunities.
Director and Adviser Fees
The Board has agreed to pay director fees for six months (1 February to 31 July 2025) in shares instead of cash at a deemed price of $0.004 per share, issuing 12,684,870 shares. Technical Advisor Stuart Pether will receive 4,500,000 shares for the same period. Additionally, accrued fees for the period 1 July 2024 to 31 January 2025 will be satisfied by issuing 28,434,870 shares to directors and corporate advisers, subject to shareholder approval.
Issue of Options
As part of the 2025 remuneration review, the FIN board will issue 15,000,000 incentive options to directors, 5,000,000 each to Jason Bontempo, Bruce McFadzean, and Aaron Bertolatti. The options are exercisable at $0.005 and expire three years after issuance. The company will also issue 5,000,000 consultant options and 10,000,000 corporate adviser options under similar terms to incentivise and remunerate ongoing roles, subject to shareholder approval.
Motley Fool contributor Abbie Stokes 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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