https://www.miningweekly.com
Africa|PROJECT|Resources|Products
Africa|PROJECT|Resources|Products
africa|project|resources|products

Vanadium Resources completes Matrix placement

26th May 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Vanadium Resources has completed a A$5.91-million equity placement to Matrix Resources, a subsidiary of Zhejiang Lygend Investment CO, giving that company a 9.99% interest in Vanadium Resources.

Vanadium Resources at the start of May announced the subscription agreement, while also granting Matrix exclusivity to negotiate and enter into an offtake agreement for the vanadium products produced from the Steelpoortdrift vanadium mine and concentrator, and the Tweefontein vanadium salt roast leach plant, in South Africa.

Under the subscription agreement, Vanadium Resources will issue more than 53.7-million shares in the company at a price of 11c each.

“With the satisfaction of the conditions precedent and the settlement of the placement imminent, I am delighted to welcome Matrix as a shareholder of VR8 and look forward to continuing to work together to finalise a formal offtake agreement for our vanadium products,” said executive chairperson Jurie Wessels.

“We are very much looking forward to investigating the potential ways to work together with Matrix to advance the development of the Steelpoortdrift Vanadium project into a mutually beneficial relationship aimed at progressing the project towards final investment decision (FID).

“These funds will strengthen the company’s balance sheet and allow for significant progress to be made on concluding critical pathways while we continue to engage with potential financiers and progress towards FID and putting the project into production.”

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.091 0.146s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: