Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has tapped Canaccord Genuity (TSX:CF, LSE:CF) to be lead manager for its recently announced share purchase plan (SPP), giving the financial services firm the right to place any shortfall shares.
Venture is offering shares at $0.018 each, with a free attaching listed option for every three shares subscribed for under the SPP.
The free attaching options have an exercise price of $0.036 and an expiry date two years from date of issue.
Capital raise to support Boron Study at Mount Lindsay
Venture Minerals intends to use the additional funding from this SPP to support ongoing exploration and metallurgical test work for a Born Study being conducted on the Mount Lindsay Tin-Tungsten Project.
The funds will also go to a follow-up drill program at the company’s West Australian rare earth projects, including the recently announced Bandy and Brothers REE Projects.
VMS recently discovered the presence of borate minerals in tin-boron zones at the Mount Lindsay Tin-Tungsten Project in Tasmania.
Given its critical mineral status in Australia and abroad, the company has decided to pursue the exploration and production of boron alongside tin and tungsten at Mount Lindsay, with the help of CSIRO’s metallurgical studies and recovery work.
A recently completed CSIRO study commissioned by Venture confirmed that both China and Russia commercially extract large volumes of boron, tin and iron from deposits just like those at Mount Lindsay.
Part of the European Commission’s Critical Raw Materials Act, boron is considered vital to the green energy transition, representing a market share of US$3.87 billion in 2022 and expected to grow at a compound annual growth rate (CAGR) of 3.4% to US$4 billion in 2023.