Fenix set to become Athena’s biggest shareholder
Iron-ore miner Fenix Resources has announced a significant investment in fellow ASX-listed Athena, positioning itself to become the company’s largest shareholder.
Athena is focused on the Byro magnetite project, which Fenix executive chairperson John Welborn believes is a “unique” opportunity.
Fenix has requested the conversion of 53 out of Athena's 100 convertible notes into ordinary shares. This conversion will result in Fenix being issued 265-million shares, which equates to a 19.84% interest in Athena.
On Monday, Athena revealed a A$2.67-million renounceable entitlement offer to existing shareholders. Under the offer, Athena shareholders can purchase one new share for every two fully paid ordinary shares they hold, at an issue price of A$0.004 a share.
Fenix has confirmed its intention to fully participate in the entitlement offer, maintaining its 19.84% stake in Athena. If no other shareholders take up their entitlements under the offer, Fenix's holding in Athena could rise significantly, potentially reaching 46.56% with the acquisition of an additional 667.7 million shares.
“Fenix believes Athena represents a unique regional opportunity to develop a small-scale ultra-highgrade magnetite iron ore producer, which would demand a premium price, as well as being ideal for any green steel initiatives. The work to date indicates the Byro magnetite project aligns well with Fenix’s expertise in low-capital project development and regional logistics capabilities,” said Welborn.
The Byro project, located 410 km from the Port of Geraldton in Western Australia, is seen as a promising asset with the potential to produce a high-grade, low-impurity magnetite product. According to Fenix, the project’s relatively low capital expenditure requirements, compared to other magnetite projects in the region, add to its attractiveness.
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