Variscan Mines has extended its interim funding, raising an additional $90,000.
This was achieved through the issuance of 15 million new ordinary shares at $0.006 per share, designed to advance the Novales-Udias Zinc Project in Spain.
The direct placement was made to Variscan’s major shareholder, Zinc GroupCo.
Following the investment, Zinc GroupCo has increased its ownership stake in Variscan to 22.57%, maximising its permitted shareholding.
Variscan's Managing Director and CEO, Stewart Dickson, expressed gratitude for the continued support from Zinc GroupCo.
"The board is grateful for the ongoing support from its major shareholder," said Stewart Dickson, Managing Director & CEO, of Variscan Mines.
"Zinc GroupCo are sector specialist investors bringing value-add capital having invested over a number of rounds. They share our conviction in our Spanish zinc projects, our strategy to advance them, as well as the deep value opportunity currently presented," Dickson added.
The recent placement follows an earlier interim funding round announced on 22 July 2024, expanding the total amount raised to $384,000.
The funding will facilitate ongoing underground drilling programs and studies aimed at restarting the San Jose Mine.
Variscan Mines is a natural resources company focused on the acquisition, exploration, and development of mineral projects. It has compiled a portfolio of high-impact base-metal interests in Spain, Chile, and Australia. The company's projects include Novales-Udias, Guajaraz and Rosario.
At the time of reporting, Variscan Mines’ share price was $0.1.