Venture Minerals Limited (ASX:VMS) has received firm commitments from sophisticated, professional and institutional investors to raise up to a total of A$4,250,000 (before costs) through a placement of 118,055,556 fully paid ordinary shares.
Additionally, in recognition of the company’s existing retail shareholders, eligible shareholders will have the opportunity to participate in a Fully Underwritten Share Purchase Plan at the same issue price per Share of $0.036 (SPP). The Company intends to raise a further A$1,250,000 under the SPP through the issue of 34,722,222 Shares.
Managing Director, Andrew Radonjic, said Venture intends to use the funds to expedite the Mount Lindsay Tin-Tungsten drilling and exploration programme in Tasmania and complete the underground feasibility study for the project as well as general working capital purposes.
“The time for Tin is now and this placement allows Venture to accelerate the updated underground feasibility study at Mount Lindsay as part of our strategy of becoming an ESG compliant Tin Producer in the near future, whilst continuing the search for the next Tin discovery in Australia’s Premier Tin District,” Mr Radonjic said.
“Tin is an EV Metal and Mount Lindsay is one at the largest undeveloped Tin deposits in the world that also hosts a substantial Tungsten resource. Tungsten is a Critical Mineral that governments throughout the world (including Australia) are looking to support the development of new mines such as Mount Lindsay.”
For further information please visit: https://www.ventureminerals.com.au/
