Australian Mines Ltd. said Sept. 11 that it secured a A$12 million investment from a fund managed by New York-based Bergen Asset Management LLC.
Australian Mines will use part of the proceeds to complete the 100% acquisition and resource expansion drilling at the Flemington cobalt-scandium project in New South Wales, Australia, under an option agreement with Jervois Mining Ltd.
The funding will be completed in three phases of A$4 million each, through the issuance of unsecured, interest-free convertible securities with a 24-month maturity. Bergen will also be issued 19.8 million two-year options.
The company said it is fully funded for its planned work through to a final investment decision on its Sconi cobalt-nickel-scandium project in Queensland, Australia, which was acquired in 2017.