VRX Silica launches equity placements for $4.5M

• VRX Silica has executed strategic equity placements to major mining investment funds to raise $4.5 million.
• The company's shares entered a trading halt on the ASX ahead of further announcements regarding the capital raising.
• The new capital will fund ongoing evaluation and development across the company's Western Australian silica sand asset portfolio.

VRX Silica (ASX:VRX) has executed strategic equity placements to major mining investment funds to raise $4.5 million.

The capital raising follows a period where the company recorded a net loss of $2.2 million for the first half of the financial year.

The company recently finalised its management transition with Tony Swiericzuk commencing full-time as CEO alongside interim non-executive chairman Peter Pawlowitsch.

The business maintains a capital structure of 850.5 million shares and 87.7 million options on issue.

Following the announcement, the VRX Silica share price was unchanged at $0.035.

The proceeds are allocated towards the development of distinct silica sand projects located at Arrowsmith, Muchea, and Boyatup in Western Australia.

The company stated that the business is actively assessing other silica sand and downstream processing projects within Australia.