PERTH (miningweekly.com) – ASX-listed Victory Mines will raise some A$2.4-million in a share placement to institutional investors, to fund the exploration and development work at its Bolivian projects.
The junior on Monday said that it will place 208.83-million shares, at 1.1c each, to raise the funds.
Participants in the placement will also receive one free option for every two shares subscribed for, exercisable at 2c each on or before December 2020.
The placement had already received shareholder approval in November last year.
In addition to the placement, Victory will also be issuing fully paid ordinary shares worth A$650 000, priced at 1.1c each, to settle with existing creditors, which included a A$300 000 working capital loan. The subscribers to these additional shares will also receive one option for every two shares.