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Variscan Mines Limited (ASX:VAR)

ALERT: Price-sensitive ASX Announcement for VAR
Current share price for VAR : $0.004 0 (0%)+
Announcement
Release
16 Jul 2026 3:04PM
Price at Release
$0.004
Full Release
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Summary
On 16 July 2026, Variscan Mines Limited announced the completion of the second tranche in their $5 million placement. The placement was initially announced on 11 May 2026 and involved the issuance of ordinary shares at $0.004 per share, raising approximately $0.69 million in Tranche 1. Tranche 2, approved by shareholders on 10 July 2026, included director participation worth $0.6 million and successfully raised about $4.31 million before costs. This tranche also involved issuing 1,075,935,292 ordinary shares. Additional shareholder approvals included issuing 416,666,666 Lead Manager Options and 16,875,000 ordinary shares to Feldi Limited in lieu of fees. A company name change to Altoro Metals Limited was proposed. All issued shares will rank equally with existing shares.
Key Points
  • Completion of second tranche of $5 million placement
  • Tranche 1 raised approximately $0.69 million
  • Tranche 2 raised approximately $4.31 million
  • Shareholder approval received for Tranche 2 and name change
  • Directors participated in funding with $0.6 million
  • Issuance of Lead Manager Options and shares to Feldi Limited
  • Proposed company name change to Altoro Metals Limited
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.