Voltaic (ASX:VSR) erupts with investor backing
Voltaic Strategic Resources raised $4.1 million to speed up exploration programs at their Ti Tree Lithium and Paddys Well Rare Earth Elements (REE) projects in Western Australia’s Gascoyne Region.
Lately, the Gascoyne projects of the Company have been producing positive news with the discovery of a significant clay REE system at the Neo project. Additionally, the initial assay results from the Andrada lithium drilling at the Ti Tree project in the vicinity indicate favourable outcomes.
Before expenses, 81,842,468 shares were sold at $0.05 to institutional and sophisticated investors as part of the placement.
In Tranche 2 of the placement, all directors and senior management invested $135,400. Additionally, 81,999,925 new options were granted, with one option given for every two shares purchased in Tranches 1 and 2.
Voltaic CEO Michael Walshe said the investor interest came from several new mineral exploration-focused institutional and high-net-worth investors.
“We are confident that these funds will take us to the next level and further our mission to become a leading force in the mining industry,” Mr Walshe said.
The Lead Manager (RM Corporate Finance Pty Ltd) was issued 10 million options.
These options have an exercise price of $0.08 and an expiry date of 30 June 2026 and have been approved for quotation as a new class of security (ASX ticker VSRO). Trading of the VSRO options begins on Wednesday, 2 August.
$0.04
VOLTAIC FPO [VSR]