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  • Vital Metals (VML) has entered a trading halt ahead of an upcoming capital raising
  • The company will remain in the halt until March 19 or when an announcement is released, whichever occurs first
  • Earlier in the month, Vital completed a bulk sample program at its Nechalacho Project in Canada in preparation for rare earth production in Q2
  • A 12-kilogram sample of rare earth carbonate is currently being prepared with delivery to Vital’s offtake partner in Norway
  • Shares in Vital last traded at 8 cents on March 16

Vital Metals (VML) has entered a trading halt ahead of an upcoming capital raising.

The company will remain in the halt until March 19 or when an announcement is released, whichever occurs first.

Vital is yet to disclose how much it intends to raise or what it will use the funds for once received.

Earlier in the month, Vital completed a bulk sample program at its Nechalacho Project in Canada in preparation for rare earth production in Q2.

A 12-kilogram sample of rare earth carbonate is currently being prepared with delivery to REEtec AS in Norway – Vital’s offtake partner.

Additionally, Vital has begun a drill program at Nechalacho to define a mine plan for stage two production at the Tardiff deposit.

Drilling will test three high-grade targets at Tardiff with the potential to expand the T Zone by targeting the South T and South S zones.

Vital last tapped investors for cash in September 2020 when it undertook an $8 million share placement.

Roughly 400 million new shares were issued to institutional, professional and sophisticated investors at 2 cents.

Vital stated it would use the funds to progress operations, purchase an ore sorter and undertake sampling and metallurgical testwork.

Shares in Vital last traded at 8 cents on March 16. The company has a $213.9 million market cap.

VML by the numbers
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