By Marisa Wong
Milwaukee, Feb. 10 - Venturex Resources Ltd. announced that it negotiated convertible loan facilities with Macquarie Bank Ltd. and Argonaut Equity Partners Pty. Ltd. for A$3 million and A$1 million, respectively.
The facilities will mature on or before Jan. 31, 2011 and can be prepaid without penalty at the end of any quarterly interest period.
Security for the facilities will be through a fixed and floating charge over the assets of Straits (Whim Creek) Pty. Ltd.
Concurrently, Venturex will issue 31,578,947 unlisted options to Macquarie Bank and 10,526,316 unlisted options to Argonaut Equity. The options will be exercisable at A$0.095 per share until Jan. 31, 2012.
Proceeds will be used for a drill-out and mining study at the Whim Creek Project and for a performance bond facility with Macquarie Bank.
Venturex Resources is a mining company based in Perth, Western Australia.
| Issuer: | Venturex Resources Ltd.
|
| Issue: | Convertible loan facilities
|
| Amount: | A$4 million
|
| Maturity: | Jan. 31, 2011
|
| Options: | 31,578,947 to Macquarie; 10,526,316 to Argonaut
|
| Option expiration: | Jan. 31, 2012
|
| Option exercise price: | A$0.095
|
| Investors: | Macquarie Bank Ltd. for A$3 million; Argonaut Equity Partners Pty. Ltd. for A$1 million
|
| Pricing date: | Feb. 10
|
| Stock symbol: | Australia: VXR
|
| Stock price: | A$0.063 at close Feb. 9
|
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