VRX Silica (ASX: VRX) today announced it has received binding commitments from sophisticated and professional investors to raise $5 million (before costs) under a two-tranche placement of fully paid ordinary shares.
HIGHLIGHTS
- Firm commitments received to raise $5 million (before costs)
- Strong support from existing shareholders and new institutional investors
- Provides funding towards development of Arrowsmith North Silica Sand Project ahead of anticipated environmental approvals
The Placement will be conducted at a price of $0.042 per share, representing a 26.3% discount to the last close of $0.057 per share on 5 December 2024, a 22.5% discount to the 5-day Volume Weighted Averge Price (VWAP) of $0.0542 per share up to and including 5 December 2024, and a 23.7% discount to the 15-day VWAP of $0.0551 per share up to and including 5 December 2024.
Unified Capital Partners Pty Ltd are acting as sole lead manager and bookrunner to the Placement.
The Placement attracted strong interest from investors and was well supported by existing shareholders and new institutional investors, including a substantial commitment by major shareholder Sparta Invest AG for $2 million.
VRX Managing Director Bruce Maluish said:
“This capital raising puts VRX in a strong position as we finalise environmental and other approvals for the development of our lead silica sand project at Arrowsmith North.
“We are grateful for the support of our existing shareholders and welcome new investors in this placement.”
