Vertex Minerals (ASX: $VTX) placement announcement

Vertex Minerals Limited (ASX: $VTX) has received firm commitments for a placement to raise up to $3.77M at $0.08 per share before costs. The proceeds from this placement will be utilized to advance the Reward Gold Mine to production and for general working capital.

Executive Chairman's commentary on the placement

With this funding secured, we will continue to progress our Reward Gold Mine to production.

Vertex Minerals (ASX: $VTX) placement summary

Vertex Minerals Limited (ASX: $VTX) has successfully secured a $3.8m placement to advance the Reward Gold Mine. The firm commitments received for $3.77M at $0.08 per share from institutional/sophisticated investors will enable the company to progress its gold mining projects in NSW and WA. The placement details include the issue of up to 47,125,000 new fully paid ordinary shares at an issue price of $0.08 per share with one free attaching VTXO option for three shares. The options will have an exercise price of 15c per share and an expiry of 17/07/2027. The placement will be conducted in two tranches, with the first tranche of 11,277,333 shares to be issued under the Company's 7.1A capacity, and the second tranche subject to shareholder approval. Vertex Minerals' focus on advancing the commercial production of gold from its NSW projects reflects its commitment to an ethical and environmentally sustainable approach. The company's projects in NSW and WA, including the Hill End, Hargraves, Pride of Elvire, and Taylor Rock projects, demonstrate its dedication to developing advanced gold mining and exploration opportunities. The successful placement signifies a significant step forward for Vertex Minerals as it strives to achieve its corporate goals and enhance its position in the gold mining and exploration sector.