Fin Resources (ASX:FIN) said it will raise up to AU$445,000 by issuing convertible notes, subject to shareholder approval, according to a Tuesday Australian bourse filing.
It will issue AU$425,000 in convertible notes to sophisticated investors, while a non-executive director plans to subscribe for a further AU$20,000 worth of convertible notes on the same terms, the filing said.
The notes will be issued at a purchase price of AU$1 per note and will mature 12 months after the purchase date.
It will use the funds for ongoing project-related working capital, corporate and administration costs, as well as project evaluation costs, per the filing.
The firm's shares fell 14% in recent trading on Tuesday
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