Viridis Mining and Minerals (ASX:VMM) has secured commitments for a $3.5 million placement.
The funds, raised at an issue price of $0.33 per share, will be utilised to advance key activities at the Colossus Project, prominently focusing on its pre-feasibility study and environmental approvals.
The placement comes on the heels of a mineral resource estimate update at the Colossus Project, now reflecting a 140% increase.
The update highlights 329Mt @ 2,680ppm total rare earth oxide and 659ppm magnetic rare earth oxide, positioning Colossus as a leading project in ionic adsorption clay rare earth elements.
CEO Rafael Moreno, expressed, "With a pivotal period ahead for Viridis, this successful placement provides the company with the necessary funding to advance key development activities, supporting ongoing discussions with potential offtake partners and project financiers."
Proceeds will also accelerate metallurgical test work and pave the way for the definitive feasibility study's commencement.
The financial backing underlines robust investor confidence, aiding Viridis in progressing its ambitious plans through 2025.
Bell Potter Securities and Foster Stockbroking acted as joint lead managers for this Placement.
The new shares are scheduled for ASX quotation on Feb. 10.
At the time of reporting, Viridis Mining and Minerals' share price was $0.33.