VHM (ASX:VHM), an Australian rare earth and mineral sands company, will commence trading on the Australian Securities Exchange (ASX) today under the ASX ticker code VHM.
A$30 million was raised through the Initial Public Offer (IPO) of 22.22 million fully paid ordinary shares at an issue price of A$1.35 each.
The money raised will be used to progress development activities for the Company’s flagship Goschen Project, a fast-emerging Tier 1 integrated rare earth and minerals sands project.
It contains a Mineral Resource inventory (JORC 2012) of 629Mt and Ore Reserves of 198.7Mt, which supports a life of mine in excess of 20 years.
The Company has also secured a Memorandum of Understanding with a subsidiary of Shenghe Resources Holding Co. to enter a binding dual product take or pay offtake agreement.
The Australian Government has granted 'Major Project Status' to the Goschen Project.