Vital Metals Raises $45m for Canadian rare earths project work
- Rare earths producer Vital Metals (VML) raises $45 million via a targeted share placement
- The money was raised through the issue of 1.12 billion new fully paid ordinary shares to institutional, sophisticated and professional investors at four cents per share
- Lionhead Resources Fund invested $30 million and will now nominate two directors to Vital’s board and become Vital’s largest shareholder, with a 14.1 per cent holding
- Vital will use the money to finalise the construction, commissioning and ramp-up of its Saskatoon Plant and accelerate the development of the Tardiff deposit
- Shares in VitalMetals are down 2.33 per cent and are trading at 4.2 cents at 1:57 pm AEST
