Vital Raises AU$45 million to complete transition to REO Operations

Vital Metals Limited (ASX: VML) announced that it had raised AU$45 million through targeted placement to institutional and sophisticated investors, with private equity firm Lionhead Resources Fund LP becoming a cornerstone investor following its AU$30 million investment. The placement comprised the issue of approx. 1,125 million fully paid ordinary shares at an issue price of AU$0.04 per new share.

The fund raised through the placement will be used to finalise the construction, commissioning, and ramp-up of its Saskatoon Plant and increase the development of projects, including the Tardiff deposit at Nechalacho, as it executes a strategy to become the world’s first producer of commercial quantities of both heavy and light rare earth. It will also fund the working capital requirements as the company transitions from rare earths exploration and development into operations.

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