Forge Resources has completed the acquisition of an additional 20% interest in Aion Mining, raising its total ownership to 80%.
In February, the company had already increased its stake to 60% of Aion Mining’s post-issuance common shares on a fully diluted basis.
Following the amended and restated anti-dilution agreement and a notice to Aion and its shareholders, Forge Resources exercised an option to purchase 3.9 million shares, representing the additional 20% interest.
Forge Resources CEO PJ Murphy said: “Securing 80% ownership of the fully permitted La Estrella coal project marks a major milestone for Forge Resources, setting the stage for sustained success ahead of anticipated revenue from the planned bulk sample.
“Strategically structuring this acquisition with shares and promissory notes ensures the company maintains financial flexibility while driving growth. This move reinforces our commitment to expanding in the mining sector and advancing our vision for sustainable growth.”
The transaction involved a payment of $2.3m to the shareholders, proportionate to their shareholdings.
This sum consisted of 2.2 million common shares of Forge Resources, valued at $0.71 each, and $713,966 paid through an unsecured, interest-bearing promissory note to each shareholder.
The promissory notes carry an annual interest rate of 6.5% and will mature on the earlier of two specific events: the two-year anniversary of the note or the completion of the company’s hard dollar financings that total at least $3m.
Furthermore, Forge Resources has revised its flow-through private placement, previously announced on 16 May 2025.
The unit price in the private placement is now set at $0.66, with the goal to raise $1m unchanged, leading to an increase in the number of units offered from 1,162,790 to 1,515,152.
Each unit in the private placement comprises one flow-through common share and half of one transferable non-flow-through common share purchase warrant.
The gross proceeds from the private placement will continue to fund Canadian exploration expenses and flow-through mining expenditures, as initially planned.
