Varsican raises cash for Chilean base metal hunt
PERTH (miningweekly.com) – Base metals explorer Variscan Mines has received firm commitments to raise A$4.25-million in a share placement to institutional and sophisticated investors.
The ASX-listed company on Monday said that it would place some 53.1-million shares, at a price of 80c a share, under its existing placement capacity.
The offer price represented a 14.8% discount to Variscan’s last trading price on June 16, and a 13.9% discount to the company’s 15-day volume weighted average share price.
“We are pleased with the outcome of the placement that was well supported by existing shareholders and a number of new institutional investors. The placement received very strong interest with demand exceeding the funds ultimately being sought by the company and using available placement capacity in a quickly executed transaction,” said MD and CEO Stuart Dickson.
“With the recent success drilling at the San Jose mine, we are excited to continue the momentum by accelerating exploration efforts through the remainder of 2021.”
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