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- Voltaic Strategic Resources (VSR) taps investors for $7.2 million to fund exploration at its lithium and rare earth element (REE) projects in WA’s Gascoyne Region
- The company received “extremely strong support” from institutional and sophisticated investors for a two-tranche placement of up to 144 million fully paid ordinary shares at five cents apiece
- Voltaic’s directors and key management also committed to increase their shareholdings in the company via the second tranche of the placement, subscribing for a combined total of $135,400, subject to approval
- The funds raised will go towards accelerating exploration at its Ti Tree lithium project and Paddys Well REE projects
- Shares in VSR last traded at 6.4 cents
Voltaic Strategic Resources (VSR) has tapped investors for $7.2 million to fund exploration at its lithium and rare earth element projects in WA’s Gascoyne Region.
The company received “extremely strong support” from institutional and sophisticated investors for a two-tranche placement of up to 144 million fully paid ordinary shares at five cents apiece, a 9.8 per cent discount to the five-day VWAP of 5.5 cents on May 9.
Voltaic reported the strong support came from several high-net-worth investors, resulting in bids being “significantly” scaled back.
“We are delighted with the extremely strong level of demand for the placement which has validated the work that has been carried out on our key Gascoyne assets to date,” VSR CEO Michael Walshe said.
The first tranche will see 62.2 million shares issued to raise $3.1 million, while the second will see 82 million shares issued.
Each share issued under the placement will entitle participants to one free option for every two shares issued at eight cents apiece, expiring in June 2026.
Voltaic’s directors and key management have also committed to increase their shareholdings in the company via the second tranche of the placement, subscribing for a total of $135,400, subject to shareholder approval.
The company told investors the raised funds would go towards accelerating exploration programs at its Ti Tree lithium project and Paddys Well REE projects.
“With this transformational placement, Voltaic is now well funded to drill a number of key lithium and rare earth targets across both our Ti Tree and Paddys Well projects,” Mr Walshe said.
“We are especially excited to follow up our drilling at Ti Tree, where earlier in the week we announced we had intersected multiple thick pegmatites at the Andrada prospect from first pass drilling, with widths of up to 58 metres of continuous pegmatite from surface.”
Tranche one of the shares are expected to be issued on May 19.
VSR presented at The Market Herald’s (TMH) From Mine to Magnet rare earth elements event on Wednesday morning.
Shares in VSR last traded at 6.4 cents.
