Argonaut has acted as Joint Lead Manager to Vital Metals Limited (ASX: VML) (“Vital”) in its oversubscribed placement of A$5 million to professional and sophisticated investors by issue of 400,000,000 new ordinary shares at $0.0125 per share.
The funds raised under the placement will enable Vital to significantly ramp up exploration by committing to a 12,500 metre drilling program in Burkina Faso and reduce their Macquarie bank loan facilities.
Vital’s Managing Director, Mr Mark Strizek, said “the capital raising will support the Company’s stated intention to ramp up its exploration campaign in West Africa in 2017. “We have a bank of high grade gold targets to drill test on the Kollo trend and we are now fully financed for continuous drilling on multiple targets well into 2018.
From here the Company intends to substantially expand the previously limited auger drilling campaign to delineate further gold mineralisation structures providing a series of drill ready targets. As each set of results comes through, the potential of Vital’s permits continues to grow. We are delighted that Ausdrill is again supporting the Company by participating in the Placement and will be undertaking the drilling program.”
Argonaut is delighted to provide ongoing support to Vital and looks forward to working with the Company to continue to create further value for stakeholders.
Additional information regarding Vital can be found on the company’s website at www.vitalmetals.com.au.