Highlights
- Vanadium Resources has fulfilled the conditions precedent for the AU$5.91 million equity placement to Matrix Resources.
- The company has been able to satisfy the conditions precedent post receiving approval for the Chinese Overseas Direct Investment (ODI).
- ODI approval was a significant condition precedent under the binding Subscription Agreement signed between the two parties.
- 53,763,800 shares will be offered at an issue price of AU$0.11 per share to Matrix in return for a 9.99% interest stake in VR8, as per the agreement.
In the latest announcement, Vanadium Resources Limited (ASX:VR8, FRA: TR3) revealed that the conditions precedent for the a AU$5.91 million equity placement to Matrix Resources (Zhejiang) Co., Ltd have been satisfied.
The company was able to tick off the conditions precedent post receiving approval for Chinese Overseas Direct Investment (ODI). This approval was one major precedent under the binding Subscription Agreement between the two parties.
Under the Agreement, 53,763,800 shares will be offered to Matrix by VR8 at an issue price of AU$0.11/share for a 9.99% interest stake in Vanadium Resources.
Stock price performance
VR8 stock was trading at AU$0.082 on 25 May 2023, with a market capitalisation of AU$44.08 million. VR8 share price has jumped more than 36% on the year-to-date basis.
More to come…