Astron Corporation has raised a total of $5 million through the issue of new, fully paid CHESS Depository Instruments (CDIs) to sophisticated and institutional investors via a $4 million placement and $1 million director loan conversion, both at the price of 54 cents per CDI.
The funds will be utilised for the purpose of advancing the Donald rare earth and minerals sands project, a Tier 1 resource located in regional Victoria.
With a mineral resource of over 2.4 billion tonnes at a grade of 4.8 per cent heavy mineral, Donald represents one of the largest global undeveloped rare earths and mineral sands deposits globally.
Importantly, the project is at an advanced stage of evaluation and regulatory approval. Donald has the potential to represent a globally significant, long-life supply of the critical mineral elements of zirconium, titanium, as well as the rare earth elements of neodymium and praseodymium.
The funds raised will be applied to the finalisation of the mineral resource to take account of the finer fraction and rare earth assemblage characteristics of the ore body; completion of mine planning; engineering for infrastructure and processing plant and advancement of final environmental approvals towards the finalisation of project economics.
Astron Corporation boasts more than 35 years of experience in mineral sands processing technology and downstream product development, as well as the marketing and sales of zircon and titanium dioxide products.
The company also conducts a mineral sands trading operation based in Shenyang, China, and owns and operates a zircon and titanium chemicals and metals research and facility in Yingkou, China, which includes a mineral separation facility processing mineral concentrate products into final products.