This investment is the first of three tranches totalling A$3.275 million.
Chia Tai has now invested $6.5 million in the company in five tranches since October 2017 and is the company’s major shareholder.
Notably, since its first investment in October 2017, Chia Tai has not divested any of its shareholding.
Funds will be used towards a preliminary feasibility study (PFS) on the flagship Paradox Brine Project in US state of Utah, permitting and working capital.
The 3-year convertible notes are unsecured with a face value of $1.092 million per tranche paying 5% interest per annum at maturity.
The conversion price is 2.8 cents.