Vertex Minerals (ASX:VTX) secures $2.1M financing for Reward Gold Mine advancement

Vertex Minerals Limited (ASX:VTX) has received firm commitments for a strategic placement and convertible loan financing to raise up to $2.1M at $0.16 per share. The placement will involve the issue of up to 6,900,000 new fully paid ordinary shares at the same price, with the participant also receiving three free attaching options for every five shares, subject to shareholder approval. The funds raised will be used to acquire an Ore Sorter, an Underground Drill Rig, and for working capital.

Executive Chairman's Commentary on Capital Raising

Vertex's Executive Chairman, Roger Jackson, expressed his satisfaction with the support received for the placement and convertible loan financing. He highlighted the intended use of funds for the acquisition of a laser Ore Sorter and an underground drill rig, focusing on high-grade targets below and along strike of the high-grade gold resource at Reward. Jackson emphasized the company's progress with the plant refurbishment and preparations to move the Reward mine into production in January 2025.

Summary of Vertex Minerals (ASX:VTX) Announcement

Vertex Minerals Limited (ASX:VTX) has successfully secured $2.1M financing through a strategic placement and convertible loan. The funds will be utilized for the acquisition of essential equipment and working capital to advance the Reward Gold Mine. The company aims to integrate a laser Ore Sorter into the Gekko gravity gold plant and focus on high-grade targets to build its gold inventory from within the Reward mine. Additionally, preparations are underway to commence production at the Reward mine in January 2025. Vertex Minerals remains focused on advancing the commercial production of gold from its projects in New South Wales and Western Australia, embracing an ethical and environmentally sustainable approach.