Aurumin completed the sale of its Mt Dimer mining tenements to Beacon Minerals (ASX:BCN) for $3 million.

The sale proceeds have helped reduce Aurumin's outstanding convertible note balance to $1.1 million.

Aurumin has also received a share placement commitment, which will raise $1.25 million from Collins St Asset Management, Middle Island Resources, and 7 Enterprises.

The company is now free of net debt and plans to close out the remaining convertible notes.