Published On: September 29th, 2023
VRX Silica Limited (ASX:VRX) (“VRX Silica” or “Company”) has concluded its Share Purchase Plan (SPP), which was initially announced to the ASX on August 28, 2023. This SPP was a pivotal component of the Company’s broader capital-raising strategy, aiming to secure $3 million in funds. This strategic funding of $3 million includes a $1.5 million Placement and an additional $1.5 million Share Purchase Plan (SPP), both aimed at supporting and accelerating the Company’s growth and expansion.
Under the terms of the SPP, eligible shareholders were allowed to subscribe to new shares up to a total value of $30,000 at the offer price of 12 cents per share with investors receiving one free attaching option for each new share issued.
The Company has announced that the securities applied for under the SPP will be formally allotted and issued on Friday, September 29, 2023. These shares will be available to trade on the ASX on the same day.
In light of this SPP, VRX Silica will now address the SPP shortfall under the terms and conditions outlined in the SPP offer booklet. The Company extends its appreciation to its shareholders, who actively participated in the SPP, contributing to its overall success in raising capital for its initiatives.
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About Mr Bruce Maluish, Managing Director of VRX Silica Limited
Mr BRUCE MALUISH, the Managing Director of VRX SILICA, has a remarkable career spanning over four decades in the mining sector. His extensive experience encompasses various resource domains, including gold, nickel, and mineral sands. Throughout his professional journey, MD BRUCE MALUISH has occupied prominent leadership positions within entities such as the Monarch Group of Companies, Abelle, Hill 50, Matilda Minerals, and Forsyth Mining. He is widely recognised within the industry for his multifaceted skill set, which encompasses activities ranging from establishing and promoting IPOs to project identification and development and client negotiations.
- As part of $3 million capital-raising initiative, VRX Silica Limited has closed its share purchase plan (SPP) and raised $1.25 million from eligible shareholders
- Additionally, VRX Silica has previously obtained firm commitments for a $1.5 million Placement.
- This fundraising demonstrates investor confidence in the Company’s growth prospects and its ability to secure funding for its projects.
- As of September 28, 2023, VRX SILICA’S share price stood at AUD 0.115 per share, with an average 52-week stock trading range between AUD 0.180 TO AUD 0.093 per share.
- VRX Silica has 573 MILLION shares on issue and a market capitalisation of approximately AUD 65.9 MILLION as of September 28, 2023.
- The Company’s progress in different projects, especially the Arrowsmith North Silica Sand Project, promises a prosperous future.
About VRX Silica Limited
VRX Silica Limited (ASX: VRX) is the premier dedicated silica sand enterprise listed on the ASX, dedicated to advancing its silica sand projects. These projects, located at Arrowsmith (North, Brand, and Central), Muchea, and Boyatup in Western Australia, are wholly owned by the Company.
Silica sand is one of the most widely utilised commodities globally, second only to air and water. It is a fundamental ingredient in producing various types of glass, including specialised solar panels, cutting-edge glass applications, and foundry casting. This resource is finite and in increasingly short supply, particularly in the Asia-Pacific region, resulting in escalating prices.
The Arrowsmith project, situated 270 kilometres north of Perth, is paramount to VRX Silica’s portfolio. Arrowsmith North, with a projected minimum mine life of 25 years, can produce over 2 million tonnes per year of high-grade silica sand (99.7% SiO2)* for export to Asia’s foundry, container glass, and flat glass markets. The project is in an advanced permitting stage and is poised to lead the company’s production efforts.
Muchea, positioned just 50 kilometres north of Perth, is a silica sand project characterised by its exceptionally high-grade quality (99.9% SiO2)*. This project can supply the precise grade of sand required for producing ultra-clear glass used in solar panels and other advanced glass applications.
The Boyatup project, situated 100 kilometres east of Esperance, is currently in the development phase. It is poised to contribute to the supply of silica sand for the glass market.
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