Viridis Mining and Minerals (ASX:VMM) secured commitments for up to about AU$170 million of strategic equity funding from One Investment Management (OneIM), existing strategic investors ORE Investments and Régia Capital, and a select group of additional strategic investors, according to a Thursday Australian bourse filing.
The company said OneIM has entered into a binding definitive agreement to provide up to $75 million of strategic equity capital across two tranches, establishing the firm as a cornerstone investor as Viridis transitions the Colossus project from definitive feasibility study (DFS) into execution.
ORE and Régia agreed to accelerate the next $5 million tranche of their existing strategic investment, previously scheduled for November, with a further $20 million remaining available under the existing investment arrangement, while a further $40 million has been secured from strategic investors, with the majority comprising Brazilian investors, the filing added.
Together with about $14 million of existing cash and the $20 million remaining under the ORE and Régia arrangement, Viridis has about $154 million of equity funding sources, above the targeted $135 million indicative equity requirement under its 70% senior debt and 30% equity project financing structure, it added.
The company's shares fell 3% in recent Thursday trade.
