Vanadium Resources Secures AU$783,000 Convertible Note Commitments

MT Newswires Live

02-12

Vanadium Resources (ASX:VR8) secured AU$783,000 convertible note commitments in cash and debt to fund working capital as it advances equity partnerships for its Steelpoortdrift vanadium project in South Africa, according to a Wednesday filing with the Australian bourse.

Company directors Jurie Wessels and Michael Davy subscribed for AU$150,000 of loan notes, subject to shareholder approval and any necessary Australian Securities Exchange waiver, per the filing.

The notes mature on Aug. 12, and noteholders will receive 23,333 options per note with a strike price of AU$0.05 per share, subject to shareholder approval, the filing added.

The company said momentum in equity investor interest is increasing, with several discussions in advanced stages.

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