Vital Metals Limited announced a private placement to issue common shares for the gross proceeds of AUD 5,900,000 at an issue price of AUD 0.01 in first phase and AUD 8,900,000 at an issue price of AUD 0.015 in second phase; aggregate gross proceeds of AUD 14,800,000 on October 23, 2023. The transaction will include participation from new investor Shenghe Resources (Singapore) Pte. Ltd. The transaction has been approved by the shareholders of the company.

After both subscriptions, Shenghe Resources (Singapore) Pte. Ltd. will hold 18.2% stake.