Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Variscan Mines Limited ( (AU:VAR) ) has provided an update.
Variscan Mines has secured firm commitments for a two-tranche share placement raising A$5 million before costs, priced at A$0.004 per share, a significant discount to recent trading levels. The placement, strongly supported by institutional and sophisticated investors as well as the board, includes a major A$0.5 million commitment from director Tom Kent and features Powerhouse Ventures as a cornerstone investor.
Approximately A$0.69 million will be raised under Tranche 1 using existing placement capacity, with the remaining A$4.31 million in Tranche 2 subject to shareholder approval at a general meeting expected in July 2026. Proceeds will fund targeted drilling at the Novales-Udias Project to grow the mineral resource base, complete metallurgical and engineering studies, and provide working capital, underpinning Variscan’s strategy to move the Spanish zinc project toward a potential production restart and an updated mineral resource estimate.
More about Variscan Mines Limited
Variscan Mines Limited is an ASX-listed mineral exploration and development company focused on high-grade zinc assets in Spain. Its primary activities centre on advancing the Novales-Udias zinc project, targeting resource expansion and the potential restart of production to strengthen its position in the European zinc market.
Technical Sentiment Signal: Sell
Current Market Cap: A$8.11M
Learn more about VAR stock on TipRanks’ Stock Analysis page.