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VRX Silica directors exercise 8 million options

The company was recently granted mining leases at the Muchea and Arrowsmith silica sand projects north of Perth in Western Australia.

VRX Silica Ltd - VRX Silica directors exercise 8 million options
VRX is well funded to rapidly advance the development of its silica sand projects.

VRX Silica Ltd (ASX:VRX) managing director Bruce Maluish and non-executive director Peter Pawlowitsch have exercised their options in the company.

Maluish converted 5 million options into shares for $360,000 and Pawlowitsch exercised 3 million options for $216,000.

Well-funded

Last week, VRX received binding commitments for a capital raising via a share placement to institutional, professional and sophisticated investors to raise $7 million before costs.

Managing director Bruce Maluish said: “We are delighted with the strong support received for the capital raising from a wide range of investors, with bids received well in excess of the amount raised.

“This placement positions VRX to rapidly advance the development of our silica sand projects, in particular at Arrowsmith North for grade control drilling for the first 10 years of production, confirmatory test-work, drilling and equipping water bores, port access design, construction of access roads and final engineering.” 

The capital raising follows the recent grant of mining leases at the Muchea and Arrowsmith silica sand projects north of Perth in Western Australia.

Quick facts: VRX Silica Ltd

Price: 0.35 AUD

ASX:VRX
Market: ASX
Market Cap: $176.6 m
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VRX Silica now focused on locking in offtake following granting of mining leases

VRX Silica Ltd's (ASX:VRX) Bruce Maluish speaks to Proactive's Andrew Scott after announcing they've been granted the mining leases for its Arrowsmith North Silica Sand Project and Arrowsmith Central Silica Sand Project, around 270 kilometres north of Perth, Western Australia. Arrowsmith North...

on 18/11/20

2 min read