- Venture Minerals (VMS) has banked $2.5 million — $1 million more than originally planned — following an oversubscribed share purchase plan (SPP)
- Now, more than 80.6 million shares will be issued to investors by Thursday, September 9, and begin trading on the last day of the working week
- Overall, applications under the SPP totalled $3.6 million, so the materials stock opted to scale back applications
- The $2.5 million in funds adds to the $4 million Venture raised last month during a placement
- It brings the total amount raised during the company’s latest funding foray to $6.5 million
- The recent raising will inject fresh capital into Venture’s Riley Iron Ore Mine, situated just 10 kilometres from the company’s Mt Lindsay Tin-Tungsten Deposit in Tasmania
- Investors have put their money behind VMS shares following the announcement, bringing the share price up 6.67 per cent to trade for 3.2 cents each
Venture Minerals (VMS) has banked $2.5 million — $1 million more than originally planned — following an oversubscribed share purchase plan (SPP).
Now, more than 80.6 million shares will be issued to investors by Thursday, September 9, and begin trading on the last day of the working week.
Overall, applications under the SPP totalled $3.6 million, so the materials stock opted to scale back applications — primarily calculated based on investor’s shareholding at the time of the SPP.
All up, the oversubscriptions total a staggering 240 per cent.
The $2.5 million in funds adds to the $4 million Venture raised last month during a placement. It brings the total amount raised during the company’s latest funding foray to $6.5 million.
The recent raising will inject fresh capital into Venture’s Riley Iron Ore Mine, situated just 10 kilometres from the company’s Mt Lindsay Tin-Tungsten Deposit in Tasmania.
Venture can now ramp up ore mining and processing at the mine and advance exploration at its Kulin Gold Project and its Golden Grove North Copper-Gold Project.
“The capital raisings completed over the past month have substantially boosted our cash reserves and allow us to continue the ramp-up of production at the Riley Iron Ore Mine to capitalise on the current high iron ore prices,” Managing Director Andrew Radonjic commented.
“It’s an exciting time for Venture, and we thank shareholders for their overwhelming support of the SPP and the Riley Iron Ore Mine,” he continued.
Investors have put their money behind VMS shares following the announcement, bringing the share price up 6.67 per cent in intraday trade. Shares are trading for 3.2 cents each at 12:16 pm AEST.