Proposed Option Offer
Perth, Dec 22, 2016 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) (Venus) is pleased to advise that the Board has resolved, subject to receipt of shareholder approval, to offer up to 31,449,491 listed options exercisable at $0.20 each on or before 30 November 2019 at an issue price of $0.005 per option (New Options) on the basis of 1 New Option for every 1 listed Option which expired on 30 November 2016 (Expired Options) to raise up to approximately $157,247 before expenses (Offer).
The Offer will be made pursuant to a prospectus. Only persons who held Expired Options on 30 November 2016 (Expired Optionholders) may apply for New Options.
The funds raised from the Offer will primarily be used for:
- general working capital; and
- the expenses of the Offer.
The funds raised from the exercise of New Options will primarily be used for general working capital.
Further information regarding the Offer will be contained in the prospectus.
A general meeting to seek VMC shareholder approval for the issue of the New Options is expected to be held on or about 1 February 2017.
Assuming receipt of shareholder approval, the prospectus and a personalised entitlement and acceptance form is expected to be dispatched to Expired Optionholders on or about 2 February 2017.
The information required by Listing Rule 3.10.3 is set out in Annexure A.
To view Annexure A, please visit:
http://abnnewswire.net/lnk/2YR2Z6FX
About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through targeted exploration success on its projects.
The Company's major gold project is the Youanmi Gold Mine, located 500km north-east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.
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