Fenix Resources Limited (AU:FEX) has released an update.
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Fenix Resources Limited is set to significantly increase its stake in Athena Resources Ltd by converting debt notes into shares and participating in a $2.7 million entitlement offer. This move will make Fenix the largest shareholder in Athena, with potential ownership rising from 19.84% to 46.56% depending on the uptake of the offer. This strategic investment aims to advance Athena’s Byro Magnetite Project, which promises premium high-grade magnetite iron ore production.
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