VRX Silica Ltd (ASX:VRX), a silica sand project developer, has welcomed a new Top 20 investment in the company by a strategic European-based investor.
The new investment follows due diligence inquiries on the company and its Arrowsmith North, Arrowsmith Central and Muchea silica sand projects, north of Perth, Western Australia.
Transfer of shares
The investment was undertaken via a transfer of fully paid ordinary shares from VRX Top 20 shareholders and does not otherwise dilute existing VRX shareholders.
To facilitate the level of investment sought, members of the VRX board agreed to transfer a portion of their holdings, reducing their aggregate interest from approximately 14% to 12% of shares on issue.
The transfer of these shares was priced in line with VRX’s prevailing market price and was facilitated by an Australian broking firm.
3.5% holding
Combined with VRX shares purchased on-market prior to this transfer, the new investor has a total shareholding in VRX of approximately 3.5%.
VRX welcomes this large investment by the new Top 20 investor, which will sit alongside this investor’s strong interests in other ASX-listed resources companies.