ASX-listed Vanadium Resources has completed a A$5.91-million equity placement to Matrix Resources, a subsidiary of Zhejiang Lygend Investment CO, giving that company a 9.99% interest in Vanadium Resources.
Vanadium Resources at the start of May announced the subscription agreement, while also granting Matrix exclusivity to negotiate and enter into an offtake agreement for the vanadium products produced from the Steelpoortdrift vanadium mine and concentrator, and the Tweefontein vanadium salt roast leach plant, in South Africa.