VRX Silica (ASX: VRX) has launched a renounceable entitlement offer to raise up to $3.14 million (before expenses).
The proceeds of the entitlement offer will be applied towards the company’s Muchea and Arrowsmith North silica sand projects north of Perth, VDT trials and environmental follow-up.
The renounceable entitlement offer is on the basis of one new share for every 13 shares held, priced at $0.07 per share. For every two shares subscribed under the offer, participants will also be issued with one free attaching option that is exercisable at $0.18 each on or before 31 August 2025.
The entitlement offer is underwritten to up to $2.6 million by lead manager Canaccord Genuity.
