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VRX Silica (ASX: VRX) closes entitlement offer to advance sand projects

May 27, 2024 03:21 PM AEST | By Sonal Goyal
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Highlights

  • VRX Silica has raised AU$617,332 in an entitlement offer.
  • The company received applications for over 6.7 million new shares together with 3.3 million free-attaching options.
  • Shares are priced at $0.055 apiece and options have an exercise price of AU$0.18 each

Australia-based pureplay silica sand company VRX Silica Limited (ASX: VRX) has raised AU$617,332 through its renounceable entitlement offer announced on 2 May 2024. The offer, structured at a 1 for 13 pro rata renounceable basis, saw the company receiving applications for 6,709,532 new shares priced at AU$0.055 per share.

Additionally, each share comes with 3,354,766 free-attaching options on a 1 for 2 basis. These options carry an exercise price of AU$0.18 each and are set to expire on 31 August 2025. Both the shares and options are expected to be allotted and issued on 29 May 2024.

The funds raised through this offer, totalling AU$617,332, are earmarked for advancing the company’s silica sand projects in Western Australia.

VRX shares traded at AU$0.055 apiece at the time of writing on 24 May 2024.


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