Dundas Minerals Ltd (ASX:DUN) has secured a $4 million at-the-market (ATM) funding facility with Alpha Investment Partners Pty Ltd, providing flexible options for funding exploration programs in the Albany-Fraser Orogen of Western Australia.
DUN has offered 3 million fully paid shares as collateral for the funding facility, which has a term of four years.
The company has retained its right to buy back shares at any time for no consideration subject to shareholder approval, and there is no requirement for Dundas to use the debt facility, which may be terminated at any time with no additional costs.
Should Dundas draw down on the funding option some or all collateral shares would likely be sold, although solely at the discretion of DUN, with the company to set the number of shares used and minimum floor price.
Exploration in the Albany-Fraser
Dundas Minerals is exploring for nickel, copper and gold in the Albany-Fraser Orogen of Western Australia, where recent discoveries have revealed the presence of a fertile mineral province.
The company holds multiple exploration licences for the namesake Dundas Project, which it has been actively exploring.
Dundas Project location.
Several large sulphide intersections associated with iron and copper mineralisation have already been identified on the tenure, although exploration on the site is still in the early stages.
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