Verdant Minerals Ltd (ASX:VRM) has gained a new substantial shareholder in Australian investment manager Regals Funds Management.
Regal has a 5.43% stake with 59.27 million shares in Verdant, which it secured in the recent share placement.
Verdant raises $2 million in share placement
Earlier this month, Verdant raised $2 million through a share placement to Regal, a number of other Australian institutional and high net worth investors and new North American sophisticated investors.
The company issued 100 million shares priced at 2 cents and options priced at 2.5 cents and 3 cents expiring in 1 July 2019 and 1 July 2020 respectively.
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Proceeds from the placement will be used to complete the final stages of the environmental approvals processes currently underway for the Ammaroo Phosphate Project, Northern Territory.
Funding will also be used for the continuation of activities associated with the commercialisation of the project post the completion of the feasibility study.
These activities include the securing of off-take agreements and/or joint venture partnerships to develop the project and activities associated with progressing Ammaroo to a final investment decision.