Australian Vanadium's SPP falls short
PERTH (miningweekly.com) – ASX-listed Australian Vanadium’s share purchase plan (SPP) failed to stir much interest from existing shareholders, raising only A$0.57-million from a A$7.5-million target.
The SPP was part of a greater capital raise which included a A$20-million placement to institutional, professional and sophisticated investors.
Under the SPP, eligible shareholders were able to subscribe for an additional A$30 000 worth of Australian Vanadium shares. Australian Vanadium said on Wednesday that more than 12.1-million shares would be issued under the SPP, and will be allotted on June 23, and start trading on June 24.
Funds raised would be used to finance ongoing work at the Australian Vanadium project, and to develop key downstream markets ahead of finalising debt financing for the project, and making a final investment decision.
A bankable feasibility study into the Australian Vanadium project estimated a cost of $435-million to develop a 24.7-million pound vanadium pentoxide and 900 00 t/y of iron-titanium.
Based on an updated ore reserve of 30.9-million tonnes, at 1.09% vanadium oxide, the project is expected to have a mine life of 25 years, generating yearly earnings before interest, taxes, depreciation and amortisation of A$175-million.
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