Variscan Mines (ASX:VAR) Entitlement Offer Announcement

Variscan Mines Limited (ASX:VAR) has announced a fully underwritten renounceable Entitlement Offer to raise approximately $2.067m. The funds raised will be used to accelerate exploration and drilling programs and development studies at the high-grade zinc Novales-Udias project in Cantabria, northern Spain, and for corporate and operational working capital. The Rights Issue is being made to eligible shareholders on the basis of two New Shares for every three shares held, with an offer price of 0.7 cents per share. Additionally, eligible shareholders will receive one free attaching New Option for every four New Shares subscribed for and issued under the Offer. The Offer is fully underwritten by Whairo Capital Pty Ltd and has received significant support from Variscan's major shareholder and new sophisticated and professional investors.

Executive Commentary on Entitlement Offer

The Rights Issue will allow all shareholders to participate equally in the company's future growth. The Novales-Udias Project represents a significant near-term zinc production opportunity with substantial exploration potential. We are pleased with the strong support from our major shareholder and new investors, which demonstrates confidence in our strategic direction and the potential of the Novales-Udias Project. The funds raised will enable us to expedite our exploration and development activities, further advancing our position in the high-grade zinc market.

Summary of Variscan Mines (ASX:VAR) Announcement

Variscan Mines Limited (VAR) is conducting a pro-rata renounceable entitlement issue to raise funds for the high-grade zinc Novales-Udias project in Spain and operational working capital. The Rights Issue, fully underwritten by Whairo Capital Pty Ltd, aims to raise approximately $2.067m. The Novales-Udias Project presents a significant near-term zinc production opportunity with substantial exploration potential. The company's focus on accelerating exploration and drilling programs aligns with its strategic goals. The announcement also outlines the eligibility criteria for shareholders and the appointment of Whairo Capital Pty Ltd as the Lead Manager and Underwriter to the Rights Issue. Variscan Mines has provided a comprehensive summary of the rights and liabilities attaching to the Shares, terms of New Options and Underwriter Options, risk factors, and other essential information for prospective investors.