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Variscan Mines Limited (ASX:VAR)

ALERT: Price-sensitive ASX Announcement for VAR
Current share price for VAR : $0.004 -0.005 (-55.56%)+
Announcement
Release
30 Jan 2026 4:42PM
Price at Release
$0.009
Full Release
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Summary
Variscan Mines Limited has entered into an agreement for a A$1 million Convertible Loan Note Facility to support the exploration and development of the Novales-Udías Zinc Project in Spain. This facility is backed by a group of mining sector-focused investors. It is designed to provide enhanced financial liquidity, supporting key projects including the potential restart of production at the San Jose Mine. The loan is unsecured, with funds available to be drawn flexibly, and notes issued carrying a 10% annual coupon to be paid in shares. The conversion of notes is possible at a 20% discount to the 15-day volume weighted average price of Variscan’s shares, with a set conversion cap and floor.
Key Points
  • Variscan Mines Limited announced a A$1 million Convertible Loan Note Facility.
  • The facility is provided by a syndicate of mining sector-focused investors.
  • It aims to enhance financial liquidity for the Novales-Udías Zinc Project.
  • The facility is unsecured and allows flexible fund drawing up to A$1 million.
  • Notes have a 12-month maturity and a 10% annual coupon paid in shares.
  • Conversion price is set at a 20% discount to the 15-day volume weighted average price.
  • Conversion cap and floor are A$0.015 and A$0.008 per share, respectively.
  • The funds support exploration and potential production restart at San Jose Mine.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.