THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) declared it has received commitments to raise $2.5 million in a two-tranche placement.
Venture Minerals said the issue of 85.1 million shares at three cents per share had received strong demand from new and existing Australian and international investors.
The placement will take form in two tranches.
In Tranche 1 around 60.48 million ordinary shares will be issued to raise total gross proceeds of approximately $1.8 million.
This is expected to be completed by 25 May 2018.
Under Tranche 2 around 24.65 million ordinary shares will be issued to raise total gross proceeds of approximately $739,585.
These shares will be issued subject to shareholder approval at a General Meeting to be held late June 2018
In its ASX announcement, Venture Minerals said the proceeds of the raising will fund future drilling and exploration programs with the focus on the company’s Western Australian projects, including the Thor copper-lead-zinc prospect, the Odin nickel prospect and the Pingaring nickel-cobalt project, in addition to work on the company’s other assets and to fund ongoing working capital commitments.