Vanadium Resources (ASX:VR8) Looks To Bank $2M For Carbon-efficient Vanadium Tech
Vanadium Resources (VR8) has tapped investors for $2 million for the potential acquisition of carbon-efficient vanadium manufacturing technology
Access to the technology is hoped to result in the development of high-value downstream vanadium products and alloys for VR8 down the track, with reduced carbon emissions and waste along the way
Under the proposed transaction, VR8 can acquire up to 74 per cent of the new joint venture company set to hold the technology as well as licence the technology globally
Vanadium says it has received firm commitments for the placement which is set to issue around 41.7 million VR8 shares at an issue price of 4.8 cents apiece
Vanadium Resources shares up a solid 37.5 per cent trading at 6.6 cents
Vanadium Resources (VR8) has tapped investors for $2 million for the potential acquisition of carbon-efficient vanadium manufacturing technology.
Under the proposed transaction, Vanadium can acquire up to 74 per cent interest in an ESG integrated extraction, processing, refining, and manufacturing technology developed by TCM Research.
In a broader context, the technology is hoped to result in the development of high-value downstream vanadium products and alloys, while also reducing carbon emissions and other waste from VR8’s operations down the track.
In terms of the specifics for the transaction, the technology intellectual property is set to be transferred into a new joint venture company — of which VR8 can earn the aforementioned 74 per cent interest — which the JV will then licence to VR8.
Vanadium says it has received firm commitments to raise $2 million for the tabled buy, which is set to fuel ESG processing technology studies and the commencement of the Steelpoortdrift Vanadium project.
All up, 41,666,667 VR8 shares are set to be issued under the placement at an issue price of 4.8 cents apiece.
Investors appear to have responded somewhat positively to the announcement, with Vanadium Resources shares up 37.5 cents trading at 6.6 cents at 1:22 pm AEDT.
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