12:26 PM EDT, 05/29/2025 (MT Newswires) -- Forge Resources ( FRGGF ) on Thursday said it closed the acquisition of a further interest in Aion Mining and provided financing update.

The company acquired an additional 20% of Aion to bring its ownership to 80%. The acquisition was made under an amended and restated anti-dilution agreement through the purchase of about 3.9-million shares from the Aion shareholders for a total consideration of about $2.3 million.

The consideration was paid pro rata based on shareholders' share ownership consisting of about 2.2 million shares at a deemed price of $0.71 each, and $0.71-million paid through the issuance of an unsecured 6.5% promissory note to each shareholder. .

"Securing 80% ownership of the fully permitted La Estrella coal project marks a major milestone for Forge Resources ( FRGGF ), setting the stage for sustained success ahead of anticipated revenue from the planned bulk sample," said Chief Executive Officer PJ Murphy. "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."

Additionally, the company amended its flow-through private-placement announced on May 16, saying the price of each unit in the private placement is now $0.66 each, down from its initial price of $0.86. It added its intention to raise $1 million remained unchanged and the number of units on offer is up to 1.5-million units from 1.16 million.

Each unit consists of a tax-advantaged share and one half of a transferrable two-year warrant to buy a common share for $1.00.

Proceeds will still be used for incurring Canadian exploration expenses and flow-through mining expenditures, added the company.

The company's shares were last seen up $0.03 to $0.73 on the Canadian Securities Exchange.

Price: 0.74, Change: +0.04, Percent Change: +5.71