Viridis Mining and Minerals (ASX:VMM) received firm commitments to raise AU$11.5 million through a placement of 12.6 million fully-paid ordinary shares at an issue price of AU$0.91 apiece, according to a Wednesday Australian bourse filing.
The offer price is a 13% premium to the company's ten-day volume-weighted average price, the filing said.
Proceeds from the placement will fund plant development, a feasibility study, exploration, regulatory approvals, and working capital.
The shares are expected to settle by Aug.6.
Shares of the company rose 13% in recent Wednesday trade and earlier hit a 52-week high.
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