Vertex Minerals Limited (ASX:VTX)

Vertex Minerals Limited (ASX: VTX) announced commitments for convertible loan funding of between A$2.8 million and A$4.2 million, led by Vert Capital Pty Ltd, with up to A$3.6 million from unrelated sophisticated and professional investors and up to A$0.6 million from Executive Chairman Bruce McInnes or his nominees. Subject to shareholder approval, the principal and accrued interest will convert on maturity into ordinary shares at the lower of A$0.14 per share and the 5-day VWAP immediately before maturity, with one free-attaching listed VTXO option for every three shares issued; if approval is not obtained, the outstanding amount must be repaid in cash. The loans accrue compound interest at 10% per annum, and maturity occurs five business days after shareholder approval or, failing approval, four months after the meeting. Funds are intended for general working capital, particularly advancing mainstream underground gold production and sales from the Reward Gold Mine at Hill End, NSW, following recent 24/7 underground operations approval, processing plant and TOMRA ore sorter commissioning, and in support of exploration and planned underground diamond drilling in Q1 2027. Vert Capital will receive management and lead manager fees totalling 6% plus GST of gross proceeds and, subject to shareholder approval, 5.8 million to 7.2 million options, including 3 million VTXO options and 2.8 million to 4.2 million new options.