Vital Metals (ASX:VML) to raise $8M to progress operations

• Vital Metals (VML) has received firm commitments to undertake an $8 million share placement
• Approximately 400 million new shares will be issued to institutional, sophisticated and professional investors at two cents each
• Vital Metals will primarily use the funds to work towards processing operations in Q2 2021
• This includes the purchase of an ore sorter, undertaking sampling and metallurgical testwork, and general working capital
• Vital Metals is steady on the market and shares are trading for 2.5 cents

Vital Metals (VML) has received firm commitments to undertake an $8 million share placement.

Approximately 400 million new shares will be issued to institutional, sophisticated and professional investors at two cents each.

Vital Metals will primarily use the funds to work towards processing operations in Q2 2021.

This includes the purchase of an ore sorter, undertaking sampling and metallurgical testwork, and general working capital.

Shares are expected to settle on October 1, with quotation on October 2.

“We are pleased with the support from new investors and existing shareholders,” Managing Director Geoff Atkins said.

“This equity funding coupled with the recent announcement that Vital has executed a binding term sheet to construct its rare earth extraction facility adjacent to Canada’s first rare earth separation facility underpins Vital’s plans to become the world’s newest independent supplier of clean rare earth feedstock outside of China,” he added.

Vital Metals is steady on the market and shares are trading for 2.5 cents at 11:21 am AEST.