- Venture Minerals (VMS) is set to raise $4.25 million from private investors to advance its Mount Lindsay Tin-Tungsten project in Tasmania
- Shares were issued at a price of $0.036 which represents a 14.3 per cent discount to the last closing price
- VMS intends to use the funds to expedite the Mount Lindsay Tin-Tungsten drilling and exploration program and complete the underground feasibility study for the project.
- Settlement of the placement is expected to occur on 17 December 2021
- VMS shares have been down 9.52 per cent, trading at 3.8 cents
Venture Minerals (VMS) is set to raise $4.25 million from private investors to advance its Mount Lindsay Tin-Tungsten project in Tasmania.
Shares were issued at a price of $0.036 which represents a 14.3 per cent discount to the last closing price.
Additionally, Venture Minerals will also offer a fully underwritten share purchase plan to eligible shareholders at the same issue price per share, to raise up to $1.25 million.
The company intends to use the funds to expedite the Mount Lindsay Tin-Tungsten drilling and exploration program and complete the underground feasibility study for the project.
Venture Minerals Managing Director Andrew Radonjic said the time for tin is now.
“This placement allows Venture to accelerate the updated underground feasibility study at Mount Lindsay as part of our strategy of becoming an ESG compliant tin producer in the near future, whilst continuing the search for the next tin discovery in Australia’s premier tin district” Mr Radonjic said.
“Tin is an EV Metal and Mount Lindsay is one at the largest undeveloped tin deposits in the world that also hosts a substantial tungsten resource. Tungsten is a critical mineral that governments throughout the world are looking to support the development of new mines such as Mount Lindsay.”
Settlement of the placement is expected to occur on 17 December 2021.
Venture Minerals shares were down 9.52 per cent, trading at 3.8 cents at 11 am AEDT.