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The latest update is out from Variscan Mines Limited ( (AU:VAR) ).
Variscan Mines has secured a binding term sheet for an unsecured A$1 million convertible loan note facility from a syndicate of four sophisticated, mining-focused investors, aimed at funding exploration and mine restart activities at its Novales-Udías Zinc Project in northern Spain. The facility, currently undrawn, allows flexible drawdowns over 12 months, with notes convertible into Variscan shares at a 20% discount to the 15-day VWAP, subject to a price cap and floor, and carries a 10% coupon payable in shares, reinforcing investor confidence in the company’s plan to restart production at the San Jose mine and progress key technical studies and drilling that underpin its producer–explorer strategy.
The most recent analyst rating on (AU:VAR) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Variscan Mines Limited stock, see the AU:VAR Stock Forecast page.
More about Variscan Mines Limited
Variscan Mines Limited is an ASX-listed mineral exploration and development company focused on advancing its 100%-owned Novales-Udías Zinc Project in Cantabria, northern Spain. The company is pursuing a dual-track strategy as both an explorer and prospective producer, targeting the restart of the historic San Jose mine and the development of one of Europe’s higher-grade, development-stage zinc deposits.
Average Trading Volume: 5,681,771
Technical Sentiment Signal: Sell
Current Market Cap: A$12.48M
For a thorough assessment of VAR stock, go to TipRanks’ Stock Analysis page.