- Venture Minerals (VMS) has requested back-to-back trading halts pending a proposed capital raise
- The halt won’t be lifted until August 3 or when the announcement is made, whichever occurs first
- On July 21, it was announced that Chalice Gold Mines (CHN) had signed a binding terms sheet with Venture to earn-in to the South West Project
- Chalice has committed to spend up to $3.7 million to earn-in 70 per cent in the project
- Company shares last traded for 3.8 cents on July 23
Venture Minerals (VMS) has requested back-to-back trading halts pending a proposed capital raise.
The halt won’t be lifted until August 3 or when the announcement is made, whichever occurs first.
On July 21, it was announced that Chalice Gold Mines (CHN) had signed a binding terms sheet with Venture to earn-in to the South West Project.
The South West Project lies 240 kilometres south of Perth and the two main prospects, Thor and Odin, contain areas of potential nickel-copper-platinum group element (PGE) prospectivity.
Under this agreement, Chalice can earn a 51 per cent interest in the South West Project by spending $1.2 million within two years, including a minimum of $300,000 in the first year.
To increase this to 70 per cent, Chalice must spend a further $2.5 million on exploration over another two years.
Venture last entered a trading halt in May 2019 in regards to a $5.7 million capital raising.
The company undertook a $1.56 million placement and a two-for-five accelerated non-renounceable entitlement offer to raise $4.16 million.
Venture stated it would use the money to complete an updated feasibility study for the Riley Iron Ore Project in Tasmania.
Company shares last traded for 3.8 cents on July 23.