Viridis Mining & Minerals (ASX:VMM) has secured firm commitments to raise $25 million from both new and existing institutional investors at $1.90 per new fully paid ordinary share through the issue of around 13.157 million new shares.
The company is advancing the Colossus Rare Earth Project in Minas Gerais Brazil toward final investment decision (FID) in Q3 2026, and notes that this placement strongly demonstrates investor confidence in the company.
Process from the placement will be used for placement of purchase orders and long lead items, award of the EPCM (engineering, procurement, and construction management) contract, operating mixed rare earth carbonate demonstration plant, the completion of the Definitive Feasibility Study, environmental approvals, exploration work, and general working capital.
Managing Director Rafael Moreno says that the support that Viridis has received through the placement represents a “clear endorsement” of the strategic importance of the project.
“Combined with our existing strategic investment agreement and the project debt framework established with leading export credit agencies, we have significantly strengthened our balance sheet and are well funded to accelerate development activities and continue de-risking the pathway to production,” Moreno says.
Upon settlement of the financing, Viridis will hold a cash position of around $75 million, ensuring it is fully funded to accelerate development through FID and early execution.
Write to Amy Rotman at Mining.com.au
Images: Viridis Mining & Minerals
