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