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Aldoro Resources to Raise AU$4.3 Million Via Convertible Notes Issuance, Shares Jump 9%

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Aldoro Resources (ASX:ARN) entered into binding agreements with a number of investors to raise AU$4.3 million via the issue of unsecured convertible notes to fund the development of the Kameelburg critical minerals project in Namibia, according to a Monday Australian bourse filing.

It also plans to use the proceeds to repay the interest-free loan to a director, Minlu Fu. The notes have a 12-month term and carry interest at a rate of 8% per annum.

The firm is considering a secondary listing on the Main Board of the Stock Exchange of Hong Kong.

Its shares climbed 9% in recent trading on Monday.

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