Capital Raising VDM Group Limited (VDM or the Company) (ASX:...

Capital Raising

VDM Group Limited (VDM or the Company) (ASX: VMG) is pleased to announce a share placement to CF International Development Limited of Hong Kong, a sophisticated investor, pursuant to the Company’s 15% placement capacity (under ASX Listing Rule 7.1) (Private Placement).

A total of 400,000,000 new shares have been issued to CF International Development Limited at $0.01 per share (1 cent each) to raise $4 million – refer Appendix 3B attached.

No commissions or other fees are payable in connection with the Private Placement. The issue price of $0.01 represents a 900% premium to the last traded price of VDM prior to trading halt. The funds will be used to advance the Company’s highly prospective Cachoeiras do Binga Copper Project in Angola and working capital.

Commenting on the Private Placement, VDM’s Executive Director of Mining Dr Dongyi Hua stated:
“This is a significant milestone for VDM.  We are grateful to CF International Development Limited for the confidence that they have placed in VDM and our team, and we look forward to quickly advancing our highly prospective copper project in Angola”