Variscan Mines (ASX:VAR) has announced a $1.85M capital raise (before costs) which was led by a natural resources-focused group, Zinc GroupCo.
Variscan Mines says Zinc GroupCo have subscribed for $1.3M and may provide funding of up to $2.3M through the exercise of attaching 1:2 options at $0.0275 per share.
The company also says the placement is priced at $0.018 per share , and a further $0.55M has been raised through certain key existing shareholders.
Variscan Mines says the additional funding will progress plans to further prove up and expand the resources at and around the highly prospective San Jose Mine in Spain.