VRX Silica Ltd (ASX:VRX) has been granted a back-to-back trading halt by the ASX ahead of a material capital raising announcement.
This halt will remain in place until the beginning of regular trade on Tuesday, November 24, or when an announcement is released to the market, whichever occurs earliest.
The company has a market cap of approximately $104.6 million and shares last traded at 23.5 cents having reached a new 7-year high of 26 cents yesterday.
Mining lease approval
On November 17, VRX was granted the mining leases for its Arrowsmith North Silica Sand Project and Arrowsmith Central Silica Sand Project, around 270 kilometres north of Perth, Western Australia.
Arrowsmith North mining lease area contains a probable ore reserve of 204 million tonnes at 99.7% silica and the Arrowsmith Central mining lease area contains a probable ore reserve of 18.7 million tonnes at 99.6% silica.
The combined mining lease areas cover over 3,600 hectares, sufficient for more than 100 years of production.
