Elphinstone Holdings invests A$6 million at A$0.31 per ordinary share
By Devika Patel
Knoxville, Tenn., Aug. 15 - Venture Minerals Ltd. said it will raise A$15 million in a private placement of stock. Petra Capital was the lead manager. Elphinstone Holdings will invest A$6 million.
The company will sell 48.4 million ordinary shares at A$0.31 apiece, a 13.89% discount to the Aug. 14 closing share price of A$0.36. The deal will be conducted in two tranches of A$7.1 million and A$7.9 million.
GMP Securities was the bookrunner and Canaccord Genuity was co-manager.
Proceeds will be used for development and production at the company's direct shipping ore iron ore projects and to target the newly discovered Big Wilson Tin Prospect.
"This capital raising leaves Venture fully funded through the development and the targeted commencement of production of Venture's DSO iron ore projects in 2013," director Hamish Halliday said in a press release.
"The remainder of 2012 and 2013 will be an exciting time for Venture as we move toward production at the DSO iron ore projects and further progress the development of the Mt Lindsay project."
In addition, Venture Minerals announced a share purchase plan to raise up to A$2 million.
Based in West Perth, Western Australia, Venture Minerals is a lead, zinc, gold, silver, uranium and nickel explorer.
| Issuer: | Venture Minerals Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$15,004,000
|
| Shares: | 48.4 million
|
| Price: | A$0.31
|
| Warrants: | No
|
| Bookrunner: | GMP Securities
|
| Pricing date: | Aug. 15
|
| Stock symbol: | Australia: VMS
|
| Stock price: | A$0.36 at close Aug. 14
|
| Market capitalization: | A$70.09 million
|
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