The company has enlisted Evolution Capital and SP Corporate Advisory Pty Ltd as joint lead managers to facilitate a private placement of new shares, seeking to secure A$2 million in funding.
Investors will be offered shares at a discounted price of A$0.011, with a 1-for-1 free attaching option for every new share acquired.
Additionally, Surefire Resources is planning a Non-Renounceable Entitlement Offer to raise an additional A$2 million.
The funds will be directed towards advancing the Victory Bore Vanadium Project, optimising High Purity Alumina (HPA) processing technology, and bolstering working capital.
Surefire Resources primarily focuses on advancing its flagship Victory Bore Vanadium project in Western Australia, boasting a substantial JORC Resource of 321 million tonnes at 0.39% V2O5.
This project is currently undergoing a pre-feasibility study, and the company also holds promising assets including the Yidby Gold Project and a substantial iron ore project in WA.