The unsecured 12-month convertible notes can be converted to Coppermoly shares at 3.3c each and also come with 1 million unlisted options for Coppermoly shares which can be exercised at 5c per option.

Coppermoly said both companies were well-financed and brought an exceptional suite of geological, technical and mining industry finance expertise.

"I know the MRG Group well and quite frankly could not think of a better collection of resource professionals with whom to be associated," the Papua New Guinea explorer's recently appointed chairman Dr Geoff Booth said.

"I believe Coppermoly has chosen equally wisely in entering into a relationship with Aviva as well."

MRG has a technical team which has helped out ASX-listed explorers African Energy Resources and Energy Ventures along with Queensland gold producer Exco Resources.