- Venture Minerals (VMS) raises $6 million in an oversubscribed share purchase plan for its flagship Mount Lindsay Tin-Tungsten Project in Tasmania
- The company originally sought to raise $1.25 million but received applications amounting for $8.7 million
- Due to the high demand, applications will be scaled back
- Over 166 million new shares will be issued, which will begin trading on the 7th of January
- Shares are trading 2.33 per cent higher today at 4.4 cents each
Venture Minerals (VMS) has raised $6 million from an oversubscribed share purchase plan (SPP).
Over 166 million new shares will be issued.
The funds from the SPP are in addition to another $4.25 million raised in a private placement completed earlier this month. The money will be used for testing priority exploration targets and to complete the updated feasibility study at its flagship Mount Lindsay Tin-Tungsten Project in Tasmania.
The company originally sought to raise $1.25 million but received applications amounting to $8.7 million, representing oversubscriptions of 700 per cent.
Due to the high demand, applications will be scaled back.
The new shares will be issued on the 6th of January and will begin trading on the 7th.
Shares are trading 2.33 per cent higher today at 4.4 cents each at 12.26pm AEDT.