On March 5, 2024, Mithril Resources Limited closed the transaction. The company issued 300,000 18% convertible notes at an issue price of AUD 1 per note of gross proceeds AUD 300,000 in its second and final tranche. The transaction included participation from professional and sophisticated investors supported by Australian, North American and European investors.

The investors will receive one free attaching option for every two shares subscribed for under the placement. The options will be unlisted, have an exercise price of AUD 0.002 and an exercise period of 3 years from date of issue. The directors of the company have committed to subscribe for AUD 572,500 in the placement.

Each convertible note holder will be issued an additional 1,000 unlisted options to acquire a share in the company for every AUD 1 raised. The options will have an exercise price of AUD 0.001 and an expiry date of 3 years from the date of issue.