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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.