Highlights
- Successful oversubscribed placement to raise an amount of $2,500,000
- Proceeds to be utilised to further advance North Stanmore, Australia’s largest Heavy Rare Earth project situated adjacent to the Great Northern Highway in Cue, Western Australia
Victory Metals Limited (ASX:VTM) (“Victory” or “the Company”) is pleased to announce it has received firm commitments from professional and sophisticated investors for a Placement to raise $2,500,000 (“Placement”) through the issue of 11,363,636 fully paid ordinary shares at $0.22 per share (“Placement Shares”).
Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “The Placement provides a platform for the Company to continue the rapid advancement of the North Stanmore Project as a leading Heavy Rare Earth Australian critical minerals project. I’d like to thank existing shareholders for their continued support, and we welcome our new shareholders.”
Proceeds from the Placement will be utilised to advance exploration at Victory’s projects including:
- advancement of the Company’s flagship Heavy Rare Earth Element North Stanmore Project;
- completion of an updated Mineral Resource Estimate (“MRE”);
- further project study work and metallurgical test work; and
- for general working capital purposes and costs of the offer
This Placement arrives shortly after Victory announced the results from recent leach test work on beneficiated samples from the North Stanmore Project in WA. The results highlighted increased recoveries for an ionic regolith clay rare earth project of 93% for critical magnet metals Praseodymium (Pr), Neodymium (Nd), Dysprosium (Dy), and Terbium (Tb).
About us:
Victory is focused upon the exploration and development of its Heavy Rare Earth Element (“REE”) and Scandium Discovery in the Cue Region of Western Australia. Victory’s key assets include a portfolio of assets located in the Midwest region of Western Australia, approximately 665 km from Perth. Victory’s Ionic clay REE discovery is rapidly evolving with the system demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au