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Anson Resources secures $3.27 million funding for Paradox Project

The funding comes from major shareholder Chia Tai, who has made multiple investments in Anson since 2017 and not divested any of its shareholdings.

Anson Resources Ltd - Anson Resources secures $3.27 million funding for Paradox Project
The company is focused on advancing its flagship Paradox Brine Project in the US state of Utah

Anson Resources Ltd (ASX:ASN) has secured access to a $3.275 million investment facility from its major shareholder Chia Tai Xingye International, Zhongfan Group.

Funds will be used towards a preliminary feasibility study (PFS) on the flagship Paradox Brine Project in US state of Utah, permitting and working capital.

The company will issue unsecured 3-year convertible notes in three tranches with a face value of $1.092 million per tranche paying 5% interest per annum at maturity.

Notably, Chia Tai has invested $5.5 million in the company in four tranches since October 2017.

The capital raising follows the successful piloting and production of bromine at the facilities of De Dietrich in Germany.

Conversion price at premium

A summary of terms for the convertible notes is below, notably the conversion price on the notes is 2.8 cents, which is a premium to the pre-trading-halt price of 2.6 cents.

Quick facts: Anson Resources Ltd

Price: 0.02 AUD

Market: ASX
Market Cap: $15.67 m

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on 17/6/20

2 min read