Vertex Minerals raises $3.6m to fund next steps to gold production


Vertex Minerals (ASX:VTX) is undertaking an underwritten non-renounceable entitlements issue, with the aim to raise around $3.68 million. Substantial shareholders have already committed $0.4 million, with an additional $1.8 million underwritten by CPS Capital.

The offer entails issuing up to 46 million new shares priced at $0.08 per share, representing a 12.1% discount to the last traded price.

For every five shares owned, shareholders can subscribe for three more shares at $0.08 each, with a bonus attaching option for every three shares subscribed for. These options have an exercise price of 15 cents per share and expire in July 2027.

Proceeds from the offer will primarily fund the mobilisation, refurbishment, and installation of the recently acquired Gekko Gravity gold plant, propelling steps toward gold production from the Reward high-grade underground gold mine.

The Reward Gold Mine is well-poised for a straightforward kick off:

  • The Gekko plant purchase will upgrade and expand the existing Hill End Gravity plant.
  • The gravity processing plant is conveniently located near the Reward Gold Mine portal.
  • Minimal additional development work is required as existing mine development extends into the resource.
  • Infrastructure such as a second means of egress and some underground fleet and utility services are already in place.
  • Necessary permits are secured to commence mining and processing operations.

With this in mind, Vertex Minerals is advancing steadily towards its goal of gold production, leveraging existing infrastructure and strategic acquisitions.

VTX has been trading at 9.1 cents.


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