PERTH (miningweekly.com) – ASX-listed Australian Vanadium has raised A$6.6-million through a share placement and share purchase plan (SPP) to advance its namesake project, in Western Australia.
The SPP, which was announced in August this year, was well supported and raised A$5.2-million.
The SPP allowed eligible shareholders to apply for up to A$15 000 worth of new shares in Australian Vanadium, at a price of 1.15c a share. More than 450.25-million new shares will be issued under the SPP, with a further 123.22-million to be issued under the share placement.
“The success of both the SPP and the placement demonstrates great confidence in Australian Vanadium from its shareholders and in the Australian Vanadium project,” said MD Vincent Algar.
“With the award of major project status by the Australian government and recent technical advances, the confidence of management and prospective investors continues to grow. We are actively engaged in very positive discussions with prospective offtake, finance and joint venture partners.”