Venture Minerals has announced a Share Purchase Plan (SPP) to raise $3 million at $0.018 per share to fund exploration and metallurgical testwork including the Boron Study at the Mount Lindsay Tin-Tungsten Project.
The funds will also go towards a follow up drill program at the company’s Western Australian Rare Earth Projects, including the Vulcan, Kulin North and Kulin South REE targets where the company recently announced very high grade REE results ranging up to 125,165 ppm (12.5%) TREO.
The SPP will also fund exploration on the recently acquired Bandy and Brothers REE Projects which includes a 511km2 tenement package adjacent to the Vulcan Prospect.
On the path to critical minerals mining
“Venture Minerals’ (ASX:VMS) big push into the Rare Earth Element space after acquiring an additional four priority REE targets in WA and then identifying extensive Tin-Boron Rich Zones at Mount Lindsay, is setting the Company as a significant Critical Minerals mining-exploration business,” MD Andrew Radonjic said.
“This SPP allows Venture to advance this strategy and continue towards making a significant discovery throughout its diversified portfolio of Critical Minerals assets and to advance Mount Lindsay as it seeks to become a significant development play in this sector.”
The issue price for the SPP represents a 20% discount to the volume weighted average price of the Shares traded on the ASX during the 5 trading days on which sales in the Shares were recorded immediately prior to the date of this announcement.
The company will also offer eligible shareholders 1 free attaching listed option for every 3 Shares subscribed for in the Share Purchase Plan at an exercise price of $0.036 and an expiry date of 2 years from the date of issue.
This article was developed in collaboration with Venture Minerals Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.