RVT IPO Offer Open
Perth, Oct 24, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) advises that the Initial Public Offering (IPO) of new shares in Richmond Vanadium Technology Limited (RVT) is now open. Further details are set out in the attached media announcement prepared by RVT.
The offers of securities in connection with the IPO are made in a prospectus dated 14 October 2022, as supplemented by a supplementary prospectus dated 21 October 2022, each prepared by RVT (together, the Prospectus).
The Prospectus is available at www.richmondvanadium.com.au and should be considered in full in deciding whether to acquire securities under the IPO. Persons who wish to acquire securities under the IPO will need to complete the application form attached to or accompanying the Prospectus.
KEY HIGHLIGHTS
- IPO to raise between $25 million and $35 million opened on 24 October 2022
- Funds raised will primarily be used for the Bankable Feasibility Study at the Company's wholly owned Richmond Vanadium Project in North Queensland
- Richmond Vanadium Project contains a world-class clean green focused vanadium deposit which hosts a Mineral Resource of 1.8Bt @ 0.36% for 6.7Mt V2O5 and Ore Reserve of 459Mt @ 0.49% for 2.25Mt V2O5 (compliant with the JORC 2012 Code)
- Key attributes of Richmond Vanadium Project include:
o Large scalable project
o Fully oxidized free-dig resource
o Lower carbon footprint than other vanadium deposits due to easy mining and processing
o Tested metallurgy with proven technology (completed process flowsheet)
o Stable mining jurisdiction with access to infrastructure
o Co-ordinated project status awarded by Queensland Government
o Vanadium listed by Australian and US Governments as a Critical Mineral
o Aligned with Australian Vanadium Redox Flow Battery manufacturer
- Bell Potter appointed as Lead Manager to the IPO
- Subject to any variation to the proposed timetable, the priority offer to eligible Horizon Minerals (ASX:HRZ) Shareholders is expected to close on 7 November 2022 and the balance of the IPO is expected to close on 14 November 2022 Richmond Vanadium Technology Ltd (proposed ASX code: RVT, "Richmond Vanadium Technology" or the "Company") is pleased to advise that its Initial Public Offering (IPO) to raise up to $35 million is now open.
The Company is offering a minimum of 62,500,000 fully paid ordinary Shares and a maximum of 87,500,000 Shares at an issue price of $0.40 per Share to raise between $25,000,000 and $35,000,000.
The Offer includes a priority offer to Eligible Horizon Minerals Shareholders of up to 25% of the Shares offered under the Prospectus at an issue price of $0.40 and also includes a Broker Firm Offer.
Following closure of the Offer, the Company aims to list on the Australian Securities Exchange (ASX) at the end of November 2022 under the proposed ASX code: RVT.
The funds of the IPO will primarily be used to deliver the Bankable Feasibility Study for the Richmond Vanadium Project, in addition to ongoing operating costs; investment in Ultra Power Systems Pty Ltd (UPS), general administration and working capital.
Richmond Vanadium Technology is an Australian minerals exploration company focused on advancing its Richmond Vanadium Project in North Queensland. The Company owns 100% of the Richmond Vanadium Project following Horizon Minerals Ltd (ASX:HRZ) completing a restructure of its 25% interest in the Project.
The Richmond Vanadium Project is one of the largest undeveloped oxide vanadium resources in the world with a Mineral Resource (JORC 2012) of 1.8Bt @ 0.36% for 6.7Mt V2O5. The Queensland Government declared the Richmond Vanadium Project to be a Coordinated Project in May 2022.
Richmond Vanadium Technology has completed a Pre-Feasibility Study at the 1.8Bt Richmond Vanadium Project, which demonstrated a technically viable and financially attractive development project. The Project has a completed process flowsheet using conventional techniques with a provisional patent application lodged with IP Australia covering the method for the concentration of vanadium.
Vanadium is listed by the Australian and US Governments as a 'Critical Mineral' and presently, China, Brazil, Russia and South Africa account for the majority of worldwide production. China holds around 42% of the world's reserves, but produces around 62% of vanadium, while Australia holds 18% of the world's reserves but currently does not produce vanadium.
Vanadium is used in many industries and applications with remarkable characterises which make things stronger, lighter, more efficient and more powerful. Most vanadium consumption (up to 92%) is ferrovanadium (a mixture of iron and vanadium) which is used to significantly increase the strength and hardness of steel.
Vanadium is poised to play a pivotal role in the commercialisation of renewable energy with the vanadium-based battery, the Vanadium Redox Flow Battery (VRFB), regarded as one of the leading energy storage systems. Vanadium consumption for VRFB's is forecast to grow at an average 20.7% a year over 2020 to 2029.
With demand for renewable energy technology growing at a record pace, the demand for utility scale energy storage is crucial and VRFBs store large amounts of energy at a ready state for long periods of time, and rapidly release that energy as required. The Company's planned investment (up to $5m) into and partnership with UPS, an Australian manufacturer of VRFBs, places Richmond Vanadium at the cutting edge of the renewables revolution.
The Prospectus should be referred to in full and is available at ww.richmondvanadium.com.au.
The priority offer is expected to close on 7 November 2022 and the balance of the IPO is expected to close on 14 November 2022. The Company expects ASX trading of RVT shares to commence late November 2022.
Bell Potter is the Lead Manager to the IPO.
Richmond Vanadium Managing Director, Dr Shaun Ren said, "We are delighted to open our Initial Public Offering on 24 October 2022 after lodgement of a Prospectus for the IPO. Our Richmond Vanadium Project in Queensland represents an outstanding opportunity for investors to be part of as we move this exciting prospect into its Bankable Feasibility Study phase. Our highly experienced and energised team at Richmond Vanadium Technology looks forward to progressing the Project into this key stage of development and beyond.
"Vanadium is emerging as one of the most important critical minerals that will enable the global energy transition being the key ingredient in Vanadium Redox Flow Batteries. With more investors targeting opportunities with this future in mind, we are confident that Richmond Vanadium Technology has strong potential to deliver shareholder value while putting the vanadium sector on the map in Australia."
*To view additional information, please visit:
https://abnnewswire.net/lnk/OUA2D36Z
About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
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