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Highlights
- The repriced entitlement issue offers new shares at AU$0.055 each.
- VRX aims to raise approximately AU$2.46 million.
- Proceeds will support the company’s Muchea and Arrowsmith North projects.
VRX Silica Limited (ASX: VRX) has announced a revision to its pro-rata renounceable entitlement offer for eligible shareholders, initially disclosed on 10 April 2024. The company is now moving ahead with a new renounceable pro-rata entitlement issue.
The new entitlement offer aims to raise approximately AU$2.46 million (before expenses).
Funds from the new offer will be directed towards the company’s Muchea project, Arrowsmith North project, VDT trials and environmental follow-up, working capital, and offer expenses.
Amount in AU$
Data source: Company update
The new entitlement issue offers one new fully paid ordinary share in the company for every 13 shares held on the record date, priced at AU$0.055 per share. Additionally, shareholders will get one free attaching option for every two new shares subscribed for. The options, valid until 31 August 2025, has an exercise price of AU$0.18 apiece.
The issue price represents a 21% discount to the company’s last share price of AU$0.07 at market close on 30 April 2024, a 19.6% discount to the company’s 5-day VWAP of AU$0.0684 up to and including 30 April 2024 and a 23.3% discount to the company’s 15-day VWAP of AU$0.0717 up to and including 30 April 2024.
Canaccord Genuity (Australia) Limited, the lead manager, has agreed to fully underwrite the new entitlement offer.
The company expects to close the offer on Wednesday, 22 May 2024.
Data source: Company update
VRX shares traded at AU$ 0.055 at the time of writing on 2 May 2024.
