Vital raises A$5m to advance Burkina Faso exploration
PERTH (miningweekly.com) – Metals developer Vital Metals will raise A$5-million through a share placement to accelerate gold exploration in Burkina Faso.
The junior told shareholders on Tuesday that some 400-million new shares would be issued, at a price of 1.25c each, to professional and sophisticated investors.
The shares will be placed in two tranches, with the first consisting of 140-million shares and taking place under the company’s existing capacity. The second tranche of 260-million shares will be subject to shareholder approval.
MD Mark Strizek said that the capital raising will support the company’s intention to ramp-up exploration in West Africa in 2017, adding that the company had a bank of high-grade gold targets to drill test on the Kollo trend.
Strizek also noted that Vital was fully financed for continuous drilling on multiple targets well into 2018.
In addition to the share placement, Macquarie Bank has also agreed to convert A$0.6-million in debt into 48-million new shares, over and above the placement, while non-executive chairperson David Macoboy will also subscribe to A$100 000 of additional shares above the A$5-million being raised.
‘From here, the company intends to substantially expand the previously limited auger drilling campaign to delineate further gold mineralistaion structures providing a series of drill ready targets,’ Strizek said on Tuesday.
“As each set of results comes through, the potential for Vital’s permits continues to grow.”
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
