Variscan Mines Limited announced a private placement of 72,222,222 shares at an issue price of AUD 0.018 pre share for proceeds of AUD 1,300,000 on March 9, 2023. The transaction will include participation from Zinc Group Pty Ltd. The company will receive funding in two tranches, first Tranche expected to settle on March 20,2023 and Second Tranche, subject to shareholder approvals at a General Meeting, on or around April 30, 2023. The shares are subject to hold period of 5 months from the date of issue or August 20, 2023.