03:51 PM EDT, 05/15/2024 (MT Newswires) -- VCI Global ( VCIG ) said Wednesday it will facilitate a capital raise of at least $210 million for Magnum Mining & Exploration through its unit V Capital Consulting.

Magnum will receive no less than $10 million as working capital and the remaining $200 million for 50% of the capital of the Middle East for Metallic Industrial, or Midmetal, HIsmelt plant, according to the company.

The company said investors participating in the capital raising will receive ordinary shares in Midmetal proportional to their investment for up to a 50% stake. Magnum owns 50% shares in Midmetal.

Midmetal obtained certification for up to 50% of the project's costs from the Kingdom of Saudi Arabia government through the Saudi Investment Development Fund, VCI Global ( VCIG ) added.

VCI Global ( VCIG ) shares were down 5.8% in recent trading on Wednesday.

Price: 0.98, Change: -0.06, Percent Change: -5.87