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  • Victory Mines (VIC) has received firm commitments to raise $2 million via a share placement
  • All up, 800 million fully-paid ordinary shares will be issued to institutional, sophisticated and professional investors at 0.25 cents
  • This price represents a 16.67 per cent discount to Victory's last closing price of 0.3 cents on January 20
  • Victory will also be seeking shareholder approval to issue 200 million unlisted options, exercisable at 0.3 cents on or before December 31, 2024
  • Once received, Victory will use the funds to undertake resource drilling at the Coogee Gold Project in Western Australia and carry out exploration work on other projects
  • Victory has ended the day 33.3 per cent in the green with shares trading at 0.4 cents

Victory Mines (VIC) has received firm commitments to raise $2 million via a share placement.

The company entered a trading halt on January 19 but did not disclose how much it intended to raise or what it would use the funds for.

All up, 800 million fully-paid ordinary shares will be issued to institutional, sophisticated and professional investors at 0.25 cents.

This price represents a 16.67 per cent discount to Victory's last closing price of 0.3 cents and an 18.19 per cent discount to the 15-day volume-weighted average price.

Strike drilling will subscribe for $250,000, while Serena Minerals affiliates have committed $200,000.

Further, Ramelius Resources (RMS) will participate to maintain its 6.79 per cent shareholding.

Victory will also be seeking shareholder approval to issue 200 million unlisted options, exercisable at 0.3 cents on or before December 31, 2024.

Also subject to shareholder approval, Victory directors have agreed to subscribe for 50 million shares and 12.5 million options.

Once received, Victory will use the funds to undertake resource drilling at the Coogee Gold Project in Western Australia, carry out exploration work on other projects, and for general working capital.

"It is pleasing to see the strong demand from institutional and sophisticated investors along with our substantial shareholder Ramelius Resources and affiliates of Serena Minerals," Director Matthew Blake said.

"The company is now well-funded to continue exploration on the Coogee Project and the other assets within the company," he added.

Victory has ended the day 33.3 per cent in the green with shares trading at 0.4 cents in a $14.21 million market cap.

VIC by the numbers
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