VRX Silica Limited (ASX: VRX) today reported a significant investment in VRX shares by a new strategic European-based investor.
Significant investment in VRX Silica shares at market price.
Adds to new investor’s exposure to Australian mining sector.
Investment does not dilute VRX shareholders.
The investment follows due diligence inquiries on the Company and its Arrowsmith North, Arrowsmith Central and Muchea Silica Sand Projects, located north of Perth, Western Australia.
The investment was undertaken via a transfer of fully paid ordinary shares from VRX Top 20 shareholders and does not otherwise dilute existing VRX shareholders.
To facilitate the level of investment sought, members of the VRX Board agreed to transfer a portion of their holdings, reducing their aggregate interest from approximately 14% to 12% of shares on issue. Appendix 3Ys follow this announcement.
The transfer of these shares was priced in line with VRX’s prevailing market price and was facilitated by an Australian broking firm.
Combined with VRX shares purchased on-market prior to this transfer, the new investor has a total shareholding in VRX of approximately 3.5%.
VRX welcomes this significant investment in VRX shares by the Company’s new Top 20 investor, which will sit alongside this investor’s significant interests in other ASX-listed resources companies.