News: VDM Group to update on mining exploration project

VDM Group (ASX:VMG) has been granted an ASX trading halt in relation to a mining exploration project.

The halt will last until the earlier of the announcement being made or the start of trade on Monday, 28th September 2015.

In August, the company signed a conditional $18 million share placement agreement priced at $0.015 with a sophisticated investor. This will give the investor a 19.9% interest in the company.

The placement is conditional on VDM having entered into a mineral investment contract with the Angola Government, Seabank Resources and Pebric Mining and Consulting LDA in relation to the Cachoeiras do Binga Project.

VDM had $3.5 million in cash and cash equivalents as at 30th June 2015.