Australian Vanadium Ltd (ASX:AVL), formally known as Yellow Rock Resources, is focussed on vanadium at its flagship Gabanintha project in Western Australia.
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Yellow Rock Resources steps on vanadium pedal
Yellow Rock Resources (ASX:YRR) is gearing up to leverage market interest in vanadium, having raised $3.36 million to fund work on its flagship Gabanintha high grade project in Western Australia and appointing experienced resources executive Lorry Hughes as its chief executive officer.
Yellow Rock had recently placed the third and final tranche of its rights issue shortfall (243,616,864 shares priced at $0.01 each) bringing the total raised up to $3,362,027.
It had in March offered up to 349,026,205 shares with one free attaching option exercisable at $0.015 each on or before 31 December 2017 for every share subscribed.
This brings its total cash up to about $3 million.
Demand for vanadium is projected to increase given the growing market for its use in rechargeable batteries.
Funds from the company's recent rights issue and shortfall placement will be used to determine the most commercially viable V2O5 (vanadium oxide) production - including evaluation of high purity V2O5 options, ferrovanadium and by-products - from its Gabanintha Vanadium Project.
With the completion of the rights issue shortfall, Yellow Rock Resources is now positioned to advance its Gabanintha Vanadium Project - one of the highest grade vanadium resources in the world. There is also a name change in the offing to Australian Vanadium Resources.
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