Key points
- Vertex Minerals secures A$4.2M in convertible loan funding
- Funds will support Hill End Gold Project development
- Executive Chairman Bruce McInnes invests A$0.6M
- Loan terms include conversion into shares at a specified price
- Shareholder approval required for conversion
Full summary
Vertex Minerals Ltd (ASX:VTX) has announced that it has secured additional convertible loan facilities totaling A$4.2 million from sophisticated and professional investors, including a contribution of A$0.6 million from the company's Executive Chairman, Bruce McInnes. The funding will be used for general working capital requirements, particularly for advancing underground gold production and sales at the Reward Gold Mine in Hill End, NSW. The convertible loans will convert into the company's ordinary fully paid shares at a conversion price determined by the lower of A$0.14 per share or the volume weighted average price of shares over the five trading days preceding the maturity date. Shareholder approval is required for the conversion to proceed. The company has engaged Vert Capital Pty Ltd as the lead manager for these loans.
Guidance
Vertex Minerals expects to raise between A$2.8 million and A$4.2 million in loan funding.
Outlook
Vertex Minerals plans to use the new funding to further develop gold processing at its Hill End Gold Project, with underground diamond drilling scheduled to commence in the first quarter of 2027.