Astron secured a $10 million placement from its second-largest shareholder, Tan Ruiqing, for 56 Australian cents per Chess Depositary Interest.

The settlement will occur in three tranches, with Tan Ruiqing projected to own 18.5% of the company post-settlement.

Under the placement, 17,857,144 new CDIs will be issued in two tranches. The third tranche of $4 million is subject to approval by Astron security holders.

Funds from the placement will be allocated to various initiatives, including negotiating offtake agreements and advancing infrastructure design and approvals.

Astron also plans to explore project partnering opportunities and investigate the redomiciliation of its parent entity from Hong Kong to Australia.