Variscan Mines secures funding for Novales-Udias zinc project

Variscan Mines Limited (ASX: $VAR) has successfully completed an Interim Placement of 49,000,000 ordinary shares at $0.006 each, raising $294,000. Additionally, the Directors have provided $100,000 in unsecured working capital loans. The funding will be utilized to further progress the Novales-Udias zinc project.

Executive Commentary on Interim Funding

Undoubtedly the current market conditions have made the timing of a placement awkward. Frustratingly the demonstrable progress we have continued to make since the previous capital raise has not met with value appreciation. The Board is grateful for the ongoing support from existing shareholders and welcomes all new holders to the Company. They share our conviction in our Spanish zinc projects, our strategy to advance them, as well as the deep value opportunity presented. We continue to progress one of the highest-grade, development stage zinc deposits in Europe towards re-starting production. Proceeds from this capital raise will go into the ground, to continue progressing the exciting drilling programs and results coming from the Novales-Udias Project as well as associated studies to evaluate re-starting the San Jose Mine.

Summary of Variscan Mines' Interim Funding

Variscan Mines Limited (ASX: $VAR) has successfully completed an Interim Placement and secured working capital loans to raise a total of $394,000. The funds will be utilized to further progress the Novales-Udias zinc project, including drilling programs and associated studies to evaluate re-starting the San Jose Mine. The Company's Managing Director & CEO, Stewart Dickson, expressed gratitude for the ongoing support from existing shareholders and the conviction of new holders in the Spanish zinc projects. The Company aims to advance the highest-grade, development stage zinc deposits in Europe towards re-starting production, reflecting its commitment to the project's success and value potential.