Vanadium Resources (ASX:VR8) has increased its interest in the Steelpoortdrift Vanadium Project in Limpopo, South Africa by 7.95% to 81.90% through a transaction with Obeec.
Privately held Obeec sold its interests in subsidiary Vanadium Resources (VanRes) to VR8 comprising a combination of cash (ZAR5,800) and just over 14.031 million options to acquire VR8 shares, which on exercise will represent 2.54% of the issued share capital of the company.
The shares acquired by Obeec are subject to a voluntary escrow of 12 months and are also subject to a block trade arrangement.
The transfer of a further 4.59% of VanRes shares held by Math-pin2 to VR8 (increasing VR8 project interest to 86.49%) awaits approval from the South African Reserve Bank and the fulfillment of other conditions precedent, which transaction was renewed between Math-pin and VR8 with the aim of completing it on or before the 22 December 2023.
Write to Adam Orlando at Mining.com.au
Images: Vanadium Resources
