Aldoro Secures Funding of A$4.3million via Convertible Notes
Key points
- Aldoro Resources Ltd secures A$4.3 million through Convertible Notes
- Notes have a 12-month term with 8% annual interest
- Convertible into shares at a price based on 20-day VWAP
- Funds will accelerate Kameelburg Project development
- Company considering secondary listing on HKEX
Full summary
Aldoro Resources Ltd (ASX: ARN) announced securing A$4.3 million through unsecured Convertible Notes with professional investors. These notes have a 12-month term, accrue interest at 8% per annum, and can be converted into shares based on a 20-day VWAP, subject to a floor of A$0.365 and a ceiling of A$1.00. The funds will support the Kameelburg Project's development, including a scoping study, metallurgical optimization, feasibility studies, and drilling programs. Additionally, the company plans to use the funds to repay an interest-free loan to a director and is exploring a secondary listing on the Hong Kong Stock Exchange to broaden its investor base.
Outlook
Aldoro Resources Ltd is optimistic about the potential of the Kameelburg Project and the value it will create through upcoming milestones.
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