VHM (ASX:VHM) has completed a placement raising $8.25 million, which will be used to advance a final investment decision for its Goschen Project in Victoria.
For this placement, VHM, which has a market capitalisation of $71.22 million, issued 33 million shares at $0.25 per share, which represents a 19.4% discount to the closing price of $0.31 on 8 May.
The underwritten component of the placement covered $7.25 million of the total, with the company accepting an extra $1 million from demand.
Eligible shareholders will be offered the opportunity to participate in a share purchase plan following the completion of this placement. The share purchase plan aims to raise $2 million, allowing shareholders to apply for up to $30,000 worth of new shares.
VHM CEO Ron Douglas says support from key shareholders continues to validate the strategic value of advancing the company’s wholly owned Goschen Project.
“The funds raised provide the company with a runway to support ongoing work programs in the lead up to a final investment decision in Q3 CY25, with these funds contributing to the capital requirements of stage-one Goschen Project capital expenditure,” Douglas says.
As reported by Mining.com.au in April 2025, VHM entered a memorandum of understanding with privately held Currumbin Minerals to mitigate the supply and delivery of zircon-titania heavy mineral concentrate from the project.
VHM is focused on the exploration and development of rare earth and mineral sands to increase clean-energy use in Australia.
Write to Maddison Elliott at Mining.com.au
Images: VHM
