Australian Vanadium is hoping to raise up to A$27.5 million to finance work at its namesake project in Western Australia.
The company announced last Friday that it had received firm commitments from new and existing shareholders for the placement of 425.5 million shares, at a price of A$0.047 each, to raise an initial A$20 million. In addition to the share placement, Australian Vanadium will also undertake a share purchase plan (SPP), to raise up to A$7.5 million.
Funds raised under the Placement and SPP will be used to finance ongoing work at the company’s Australian Vanadium Project and to develop key downstream markets ahead of finalising debt financing and a Final Investment Decision.
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