Vertex Minerals Secures Convertible Loan Funding; Shares Up 14%

MT Newswires Live

2024/12/27

Vertex Minerals (ASX:VTX) secured firm commitments for a loan financing to raise up to AU$5.1 million under a convertible facility, according to a Tuesday filing with the Australian bourse.

The loan facility is unsecured, with a two-year term and a 10% interest rate, the filing said. It can be converted at AU$0.17 per share at any time up to maturity.

Proceeds will be used for the completion of the gold plant, infrastructure, underground mine development, sustaining costs, and working capital, according to the filing.

Shares rose nearly 14% in afternoon trade Friday.

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