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Anson Resources secures US$750,000 from major shareholder as PFS continues

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

Anson Resources Ltd - Anson Resources secures US$750,000 from major shareholder as PFS continues
Funding will support the PFS work for its flagship Paradox Brine Project in the US state of Utah

Anson Resources Ltd (ASX:ASN) has raised US$750,000 through the issue of a convertible note to its major shareholder Chia Tai Xingye International, Zhongfan Group.

This investment is the first of three tranches totalling A$3.275 million.

Chia Tai has now invested $6.5 million in the company in five tranches since October 2017 and is the company’s major shareholder.

Notably, since its first investment in October 2017, Chia Tai has not divested any of its shareholding.

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 3-year convertible notes are unsecured with a face value of $1.092 million per tranche paying 5% interest per annum at maturity.

The conversion price is 2.8 cents.

Quick facts: Anson Resources Ltd

Price: 0.03 AUD

ASX:ASN
Market: ASX
Market Cap: $23.5 m
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