Impact Minerals has completed legal documentation for funding of up to $7.3 million from Squadron Resources Pty Ltd. In July the company secured the funding from Squadron which is privately owned by Andrew Forrestrsquo;s Minderoo Group. Forrest remains the chairman of Fortescue Metals Groupof which he owns around one-third.

The company also announced that it has appointed its nominee Aaron Hood as a non-executive director. Hood is the chief investment officer for the Minderoo Group and is responsible for managing its existing investment portfolio comprising mining property agriculture and industrial assets and also corporate development opportunities.