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VRX Silica granted trading halt with capital raising news pending

The company’s securities will remain in a trading halt until Monday, November 4, or when an announcement is made to the market.

VRX Silica Ltd - VRX Silica is in trading halt ahead of capital raising
Three high-grade high-value silica sand products were identified in the Muchea project BFS

VRX Silica Ltd (ASX:VRX) has been granted a trading halt by the ASX with a capital raising announcement pending.

The trading halt will remain in place until the beginning of normal trade on Monday, November 4, 2019, or when an announcement is made to the market, whichever occurs earliest.

VRX Silica's shares last traded at 14 cents.

BFS results

Earlier this month the company received the third of its bankable feasibility studies (BFS) for its WA projects, the Muchea Silica Sand Project, which it said demonstrated ‘outstanding’ financial metrics.

The BFS indicates that Muchea can produce very high-grade silica sand products.

Managing director Bruce Maluish said the outstanding BFS demonstrated the potential for Muchea to be a world-class high-grade silica sand deposit.

He said it was the most impressive of the three bankable feasibility studies completed for the company’s silica sand projects north of Perth, with the project set to benefit from the rail connection to Kwinana port for export.

The study incorporated a maiden probable ore reserve of 18.7 million tonnes at 99.9% SiO2 with 14.6 million tonnes at 99.9% SiO2 in the mining lease application area.

Quick facts: VRX Silica Ltd

Price: 0.089 AUD

ASX:VRX
Market: ASX
Market Cap: $39.61 m
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