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Variscan Mines Limited (ASX:VAR)

ALERT: Price-sensitive ASX Announcement for VAR
Current share price for VAR : $0.004 -0.003 (-38.46%)+
Announcement
Release
11 May 2026 9:15AM
Price at Release
$0.007
Full Release
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Summary
Variscan Mines Limited has successfully secured $5 million in funding through a two-tranche Placement aimed at supporting its high-grade zinc project in Spain. The Placement, which received strong backing from institutional and sophisticated investors, will enable Variscan to conduct drilling and other essential workstreams at the Novales-Udias Project to expand the mineral resource base. A key aspect of the funding arrangement involves Tranche 2, which awaits shareholder approval. The Placement was strategically priced at a discount, reflecting investor interest and commitment to advancing Variscan’s zinc assets in Spain, managed in part by Powerhouse Ventures as Joint Lead Manager.
Key Points
  • Variscan Mines Limited announces a $5 million capital raising for Spanish Zinc project.
  • The capital raising is through a two-tranche Placement to institutional and sophisticated investors.
  • Funds will support drilling, metallurgical and engineering work at the Novales-Udias Project.
  • Tranche 2 of the Placement requires shareholder approval.
  • Powerhouse Ventures acted as a Joint Lead Manager for the fund raising.
  • The Placement Price was set at A$0.004 per share, representing a significant discount.
  • Funds also cover corporate and operational working capital and Placement costs.
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.