logo-loader
VRX Silica Ltd

VRX Silica attracts $2.26 million to advance silica sand projects

Funds raised under the placement will be allocated to VRX’s Arrowsmith and Muchea silica sand projects in Western Australia.

currency
Bankable feasibility study due in September quarter 2019

VRX Silica Ltd (ASX:VRX) has received commitments for a capital raising via a share placement to professional and sophisticated investors to raise about $2.26 million.

VRX directors have committed to subscribe for an aggregate of 4,333,333 shares under the placement, representing about $260,000, subject to shareholder approval.

Funds raised under the placement will be allocated to completion of feasibility studies and progression of environmental approvals and mining lease applications at VRX’s Arrowsmith and Muchea silica sand projects in Western Australia.

 

Managing Director Bruce Maluish said: “We are delighted with the strong support received for the placement from a wide range of investors.

“The placement positions VRX to continue to rapidly progress both the Arrowsmith and Muchea Silica Sand Projects.

“Near term activity includes an updated JORC Resource following the completion of our recent drilling program and the release of a bankable feasibility study, currently targeted to be completed in the early part of the September quarter 2019.”

A portion of the net placement proceeds will be directed towards exploration activities at VRX’s Boyatup Silica Sand Project and Warrawanda High Purity Quartz Project.

READ: VRX Silica drilling aims to increase and upgrade silica sand resources

The company recently started drilling at the North Arrowsmith, Central Arrowsmith and Muchea silica sands projects in Western Australia with the aim of increasing and upgrading resources.

Aircore drilling at the Arrowsmith projects will follow-up initial shallow hand auger drilling and will be closer spaced and deeper than the initial work.

This work is aimed at increasing the tonnage of silica sand and JORC confidence within the mining lease areas.

Assays are expected to be available for new resource estimations within 3-4 weeks after completion of drilling.

READ: VRX Silica fields cost estimate for processing plant at silica sand projects

Quick facts: VRX Silica Ltd

Price: $0.13

Market: ASX
Market Cap: $50.54 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of VRX Silica Ltd named herein, including the promotion by the Company of VRX Silica Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read