Funds for exploration drilling, bulk sampling and feasibility studies
By Melissa Kory
Cleveland, Jan. 18 - Venus Metals Corp. Ltd. announced that it settled a A$4million private placement of shares on Jan. 17.
The company sold 2 million shares at A$2.00 each. The price was a 1.52% premium to the company's closing stock price of A$1.97 on Jan. 17.
Every two shares subscribed for have a free attaching option exercisable at A$3.00 on or before June 30, 2012. If Venus shares have a closing price for at least 10 consecutive trading days of more than A$4.00, Venus may elect to accelerate exercise of the options.
Proceeds from the placement will be used for exploration drilling, bulk sampling and feasibility studies as well as general working capital purposes.
Venus is based in Perth, Western Australia and focuses on the exploration of mineral tenements.
| Issuer: | Venus Metals Corp. Ltd.
|
| Issue: | Stock
|
| Amount: | A$4 million
|
| Shares: | 2 million
|
| Price: | A$2.00
|
| Warrants: | 1 per 2 shares
|
| Warrant strike price: | A$3.00
|
| Warrant expiration: | June 30, 2012
|
| Settlement date: | Jan. 17
|
| Stock symbol: | Australia: VMC
|
| Stock price: | A$1.97 at close Jan. 17
|
| Market capitalization: | $60.31 million
|
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