VEEM Ltd announced a private placement of 5,084,746 ordinary fully paid shares at a price of AUD 1.18 per share for gross proceeds of AUD 6,000,000 on September 13, 2021. The transaction will include participation from institutional and sophisticated investors. The share price is representing a 15.1% discount to the last traded price of the company’s shares on 8 September 2021 and a 10.3% discount to the 15 day VWAP. The new shares issued under the placement will rank equally with company's existing fully paid ordinary shares. No shareholder approval is required for the placement, as the company will use a portion of its placement capacity under ASX Listing Rule 7.1. The settlement of the placement is scheduled to occur on September 15, 2021 with the placement shares scheduled to be issued on September 16, 2021.