Paul Burton

Surefire Resources (ASX:SRN) Managing Director Paul Burton discusses the company's AUD$4 million capital raise.
 
The company says the funds will be directed towards advancing its Victory Bore Vanadium Project as well as optimising its High Purity Alumina (HPA) processing technology.

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. 

Surefire Resources NL (ASX: SRN) has requested a temporary halt on trading of its securities as it prepares to release a related announcement.

The trading halt is intended to facilitate an orderly market leading up to an equity raising corporate action.

Trading will remain halted until the commencement of normal trading on Friday, November 3, 2023, or until the company's announcement is made to the market.

Surefire has communicated that there is no reason why the trading halt should not be granted and no further information needed to inform the market about the trading halt.

Surefire Resources (ASX:SRN) successfully produced 4N high-purity alumina (HPA) with a purity level of 99.99% from its Victory Bore deposit.

The advanced materials testing firm Lava Blue was contracted by Surefire to carry out the study.

The Victory Bore deposit contains aluminium oxide in waste rock, making it an optimal low-cost source for HPA production.

The market for 4N HPA, a critical material used in batteries, and synthetic sapphire production is growing rapidly, and can achieve up to $40,000 per tonne.

Surefire Resources has reported promising assay results from its latest reverse circulation drilling program at the Yidby gold project in Western Australia.

Key results included gold intercepts up to 20.81 g/t, confirming that mineralisation was extending beyond known targets with open potential.

Following the announcement, shares of Surefire Resources (ASX:SRN) were unchanged at $0.017.