Victory Metals Limited (ASX: VTM) has announced that the company’s non-executive Chairman, Mr Trevor Matthews, and a group of founding shareholders have elected to exercise a total of 4,476,138 unlisted options at a price of A$0.20, contributing A$895,227 in funding for future exploration and study activities, and providing additional working capital for the company.
The conversion of these options to fully paid ordinary shares by management and founding shareholders of the company places Victory in a strong cash position and further endorses the North Stanmore Rare Earth Element Project, located approximately 10km north from the town of Cue, Western Australia.
North Stanmore benefits from direct access to the Great Northern Highway and is situated approximately 420km by sealed road to Geraldton port. Victory is also pleased to advise that a heritage survey has recently been completed with Wajarri Yamaji Aboriginal Corporation across the newly granted and acquired tenements E 20/971, P 20/2007 P 20/2468, and P 20/2469, an area of approximately 25km2.
Once the survey report has been received, Victory will commence the next phase of exploration drilling at North Stanmore, with drilling anticipated to commence this quarter. The aim of this drilling is to extend the rare earth element mineralisation past the known anomalous areas and complete further resource definition drilling.
Victory’s chief executive officer and executive director, Brendan Clark, commented: “I am thrilled to announce that Victory has received commitments of an additional A$895,227 via the exercise of options, providing the company with further funding support for future project exploration activities.
This influx of capital is a testament to the confidence that our non-executive chairman, Mr Trevor Matthews, and the founding shareholders have in our vision and company strategy”. “Furthermore, I am pleased to confirm that our heritage survey has been successfully completed over several recently.
To find out more, please visit www.victorymetalsaustralia.com
