Vita Resources Secures $2.9 Million Placement to Boost Gold and Critical Minerals Exploration

Placement Raises $2.9 Million at 22% Discount

Vita Resources NL (ASX:VTA) has secured firm commitments to raise approximately $2.9 million before costs through a placement of 103.57 million new shares priced at $0.028 each, representing a 22% discount to the last close of $0.036. The placement attracted strong support from sophisticated and professional investors, underscoring market confidence in Vita’s exploration strategy.

Alongside the shares, the company plans to issue one free attaching option for every two shares subscribed, exercisable at $0.056 with a five-year expiry, pending shareholder approval. This sweetener offers investors potential upside as Vita advances its projects.

Funds to Accelerate Exploration Across Multiple Fronts

The proceeds will be directed towards advancing exploration at the Ninnis Gold Project in Western Australia and the ICE Polymetallic Project in Yukon Territory, Canada. Vita also intends to pursue acquisition opportunities in gold and critical minerals across Australia and New Zealand, reflecting a diversified growth approach.

Non-Executive Chairman Gavin Rutherford highlighted the significance of the placement as the first major capital raise since May last year, marking a pivotal phase in Vita’s reconfiguration. He emphasised the role of lead manager Oakley Capital Partners, whose recent successes and international networks are expected to open doors for Vita’s projects, including the Gyttorp REE and Copper Project in Sweden.

Placement Structure and Broker Incentives

The capital raising is structured in two tranches. The first tranche, raising $535,000, was completed unconditionally under existing placement capacities. The second tranche, raising $2.365 million, awaits shareholder approval to proceed.

Oakley Capital Partners will receive a 6% fee on funds raised and, subject to approval, will be granted broker options and shares as additional incentives. The company plans to convene a shareholder meeting shortly to approve the issue of the second tranche shares, attaching options, and broker incentives.

Strengthened Financial Position Supports Growth Ambitions

This capital injection significantly bolsters Vita’s balance sheet, providing the flexibility to ramp up exploration activities and pursue strategic acquisitions. The company’s ongoing programs at Ninnis and ICE are well-timed, following recent promising soil anomalies and regulatory approvals that set the stage for expanded drilling and resource definition.

Vita’s dual focus on gold and critical minerals aligns with evolving market demand, particularly as it explores polymetallic opportunities in Canada and rare earth potential in Sweden. The placement positions Vita to capitalise on these trends while maintaining working capital to support operational needs.