- Base metal miner Venturex (VXR) has received a $2 million loan from ASX 200-listed Northern Star Resources (NST)
- The loan will help Venturex obtain EPA approvals for its fully owned copper-zinc mine in W.A.
- Testing at the project has identified six targets which contain commercial grade copper and zinc
- Northern Star is one of Venturex’s largest shareholders and may chose to have the loan repaid in Venturex shares
- Venturex’s share price is up over 15 per cent, with shares trading for 11 cents
Base metal miner Venturex (VXR) has received a $2 million loan from ASX 200-listed Northern Star Resources (NST) to help fund approvals for its fully-owned copper-zinc project.
Venturex has been meeting with the Environmental Protection Authority (EPA) to work on obtaining necessary permits for work at the Sulphur Sings project in Western Australia.
“Northern Star’s support through this bridging loan will allow us to finalise the EPA approval in Q1 2020,” Venturex’s Executive Director Anthony Reilly said.
On top of this, the funding will position the company to “progress project implementation and development strategies, without having to dilute exisiting shareholders,” Anthony added.
After informing the market of Northern Star’s loan, Venturex’s share price has risen 15.79 per cent. Shares in the company are now trading for 11 cents each.
Northern Star is one of Venturex’s largest shareholders. The loan has a 12 month term with an an interest rate of eight per cent per year. At Northern Star’s discretion, Venturex can repay the loan in cash or in its company’s shares.
Prior testing at Sulphur Springs has identified six targets which contain commercial grade copper and zinc.