VHM Limited (ASX: VHM) has successfully completed a fully-underwritten institutional placement, raising A$5.0 million before costs. The placement saw the issue of approximately 19.2 million new fully paid ordinary shares at A$0.26 per share. VHM Limited is a rare earths and mineral sands company actively developing the Goschen Rare Earth and Mineral Sands Project, located in Victoria’s Loddon Mallee Region. The capital raise garnered strong support from both existing shareholders and new institutional investors.
The placement price of A$0.26 per share represents a 19.4% discount to the last closing price of A$0.323 on Monday, 20 April 2026, and an 18.8% discount to the 5-day volume weighted average price of A$0.320 up to the same date. The new shares will be issued within the company’s existing placement capacity under ASX Listing Rule 7.1A and will rank equally with existing ordinary shares. Jarden Australia Pty Ltd acted as Sole Lead Manager, Bookrunner, and Underwriter, receiving 5% of the placement proceeds for its services.
Proceeds from the placement are designated to fund early engineering works and long-lead procurement for the Goschen Project. Additionally, the capital will cover operating costs necessary to finalise offtake and financing agreements as the company moves towards a Final Investment Decision (FID) in mid-2026. The new shares are expected to be allotted and issued on Monday, 27 April 2026, with VHM shares resuming trading on the ASX from market open on Wednesday, 22 April 2026.
Andrew King, Chief Executive Officer of VHM, commented on the success, stating that it represents a strong endorsement of VHM’s strategy and the quality and strategic importance of the Goschen Project within the critical minerals supply chain. He added that the support enables VHM to commence crucial early engineering and procurement ahead of the FID, ultimately targeting project construction and critical minerals production by the end of 2027.
