Victory Metals Limited (ASX: $VTM) has received firm commitments from professional and sophisticated investors for an oversubscribed Placement to raise $2,500,000. The Placement involves the issue of 11,363,636 fully paid ordinary shares at $0.22 per share, providing the Company with the necessary funds to further advance its North Stanmore Heavy Rare Earth Element Project in Cue, Western Australia.
The Placement provides a platform for the Company to continue the rapid advancement of the North Stanmore Project as a leading Heavy Rare Earth Australian critical minerals project. I'd like to thank existing shareholders for their continued support, and we welcome our new shareholders.
Victory Metals Limited (ASX: $VTM) has successfully secured an oversubscribed Placement, raising $2,500,000 to further advance its North Stanmore Heavy Rare Earth Element Project. The funds will be utilized for exploration, completion of an updated Mineral Resource Estimate, project study work, metallurgical test work, and general working capital purposes. The issue price of $0.22 per Placement share represents a 12.3% discount to the 15-day VWAP prior to the stock being placed in a Trading Halt on 17 May 2024. Victory Metals is focused on the exploration and development of its Heavy Rare Earth Element and Scandium Discovery in the Cue Region of Western Australia, with a portfolio of assets located in the Midwest region, approximately 665 km from Perth. The Company's ionic clay REE discovery is rapidly evolving, demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb. The Placement signifies a significant step forward in Victory Metals' pursuit of advancing critical minerals projects and underscores its commitment to the future of Australian rare earths.