Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has received commitments to raise $2 million from institutional and sophisticated investors to support fast-track resource drilling and metallurgical testwork at the newly discovered high-grade Jupiter Prospect at the Brothers Project in Western Australia
Supported by existing shareholders and new institutional investors, the placement will see 266,666,667 shares issued at a price of $0.0075. Placement participants will also receive a one for one free attaching listed option with an exercise price of $0.036 and an expiry date of 25 July 2025, subject to shareholder approval. The raise is expected to be completed on or around 22 December 22, 2023.
As part of the placement, company directors and management will subscribe for $100,000 million of shares on the same terms, with directors’ applications also subject to shareholder approval.
Once the raise is complete Venture will be fully funded to deliver a maiden resource at the high-grade Jupiter rare earth elements (REE) discovery.
Recent maiden reverse circulation drilling intersected over 7,000ppm total rare earth oxides (TREO) at the new Jupiter REE target, with clay-hosted REE mineralisation identified in all 25 holes drilled.
Venture managing director Andrew Radonjic said: “The ability to attract strong funding support to continue our exploration work at the Jupiter Clay Hosted Rare Earths Prospect speaks volumes to the potential of the Brothers Project in Western Australia.
“Results to date are proving that our rare earths project is capable of delivering a large scale, high grade, clay hosted rare earth resource and we look forward to updating our new and existing shareholders in the coming months.”
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