Variscan Mines Limited (AU:VAR) has released an update.
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Variscan Mines Limited has successfully completed a funding round, issuing 49 million shares to raise $294,000 for the exploration and development of the Novales-Udias zinc project and the San Jose Mine. The placement, supported by Zinc GroupCo and new investors, maintains Zinc GroupCo’s 19.9% stake, while directors have contributed an additional $100,000 in unsecured loans. This capital injection is aimed at advancing one of Europe’s highest-grade zinc deposits towards production.
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