Riedel Resources Limited (AU:RIE) has released an update.
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Riedel Resources Limited has secured $500,000 in capital through the issuance of convertible notes to select professional investors, with the funds intended for bolstering the company’s working capital and strategic efforts. The notes, with a 15% interest rate, are set to either convert into shares given certain future fundraising or sale conditions, or be repurchased by the company. This financial move is managed by Oracle Capital Group and is subject to shareholder approval, with further details to be provided in an upcoming shareholders’ meeting.
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