The Conversation (0)
Sprinklers operating on the lower heap. Note the presence of copper (blue).
HIGHLIGHTS:
- Convertible Loan Financing arrangements finalised, with additional commitments for loan funding of $1.7M accepted under loan facility arrangements bring total raised to $6.8M
- Up to a further $1.0M of working capital funding to be made available by major shareholder, subject to shareholder approval
- Proceeds are intended to be applied towards completion of gold plant, infrastructure, underground mine development, sustaining costs and working capital.
Additional firm commitments of $1.7M in commitments have been accepted from institutional / sophisticated investors (on the same terms as the initial tranche of $5.1M), with Shares to be issued upon conversion of loan principal amounts under Listing Rule 7.1.
A further $1.0M of working capital funding on equivalent terms is also being made available by the Company's largest shareholder, Gleneden Nominees, subject to shareholder approval at a General Meeting expected to be held during March 2025.
Vertex's Executive Chairman, Roger Jackson commented: "It is very pleasing to have such overwhelming support by our shareholders in providing the funding to take us through to gold production. We are now fully focussed on processing the gold stockpiles and readying the Reward underground mine for mining."
About Vertex Minerals Limited: Â
Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.
Source:
Vertex Minerals Limited