VANADIUM Ltd is set to launch a $54.8 million rights issue to fund planned development at its namesake project in Western Australia’s Mid West region. The announcement coincided with the resignation of company founder and director Roderick Smith, who sold his stake in the company, formerly Precious Metals Australia, late last year to pursue a career in London. The rights issue, which is scheduled to be completed in February 2008, will be fully underwritten by Euroz Securities and fully sub-underwritten by the Michael Kiernan chaired Territory Resources Ltd, which is already a significant shareholder. The Windimurra announcement followed last week’s completion of Territory’s $27.5 million share placement to clients of Euroz Securities. Territory has recently acquired shares in several associated companies, including Windimurra Vanadium, Matilda Minerals and Olympia Resources.
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