- Venus Metals (VMC) receives firm commitments to raise $2.16 million via a share placement
- The funds will be raised through the issue of 18 million fully-paid ordinary shares to sophisticated and professional investors at 12 cents each
- Participants will also receive one unlisted option for every two shares issued, exercisable at 20 cents with expiry on November 30, 2025
- Venus will use the money to fund the exploration and progression of its rare earth–critical minerals projects at Mangaroon in Western Australia
- Shares in Venus are down 3.33 per cent and trading at 14.5 cents at 3:20 pm AEDT
Venus Metals (VMC) has received firm commitments to raise $2.16 million via a share placement.
The funds will be raised through the issue of 18 million fully-paid ordinary shares to sophisticated and professional investors at 12 cents.
This price represents a 20 per cent discount to Venus’ closing price of 15 cents on October 25, and a 13.9 per cent discount to the five-day volume-weighted average price.
Participants will also receive one unlisted option for every two shares issued, exercisable at 20 cents with expiry on November 30, 2025.
RM Corporate Finance has been appointed as lead manager and, subject to shareholder approval, will receive five million new options.
The shares are expected to settle on November 2, be allocated on November 3, and begin trading on the ASX on November 4.
Venus will use the money to fund the exploration and progression of its rare earth–critical minerals projects at Mangaroon in Western Australia.
In September, Venus announced it had outlined multiple priority targets at its Mangaroon North project tenements with mapping and sampling undertaken to evaluate the targets.
Shares in Venus were down 3.33 per cent and trading at 14.5 cents at 3:20 pm AEDT.