Oversubscribed deal aims to fund feasibility studies at Mount Lindsay
By Devika Patel
Knoxville, Tenn., Oct. 7 - Venture Minerals Ltd. said it will sell 40.9 million ordinary shares at A$0.44 apiece in an "oversubscribed" private placement. Petra Capital was the lead manager.
The company will raise about A$18 million by selling the shares at a 20% discount to the Oct. 6 closing share price of A$0.55.
Proceeds will be used to fast-track exploration at the company's Banfora Gold Project in Burkina Faso and begin exploring its newly acquired Tijirit Gold Project in Mauritania.
In addition, Venture Minerals announced a share purchase plan, open to all eligible shareholders, to raise up to A$2 million at A$0.44 a share.
"This capital raising leaves Venture fully funded through to the completion of feasibility studies at Mount Lindsay, where we have already defined substantial resources of both tin and tungsten," managing director Hamish Halliday said in a press release. "The success of the financing demonstrates strong support for Venture and the project, as well as optimism about the tin price which continues to outperform all other base metals."
Based in West Perth, Western Australia, Venture Minerals is a mineral explorer.
| Issuer: | Venture Minerals Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$17,996,000
|
| Shares: | 40.9 million
|
| Price: | A$0.44
|
| Warrants: | No
|
| Manager: | Petra Capital (lead)
|
| Pricing date: | Oct. 7
|
| Stock symbol: | Australia: VMS
|
| Stock price: | A$0.55 at close Oct. 7
|
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