Private Placement Applications and Commitments Received for A$680,000 at an Issue Price of A$0.10 Per Share to Professional and Sophisticated Investors
Private Placement
Perth, Sep 4, 2017 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) ("Venus") is pleased to advise that it has received applications and commitments for a private placement of up to 6,800,000 shares ("Shares") at A$0.10 per Share to raise up to A$680,000 ("Placement") before costs to qualified professional and sophisticated investors. The Placement is expected to complete immediately after all the funds are received and cleared.
The Placement will be undertaken utilising the Company's 15% placement capacity under ASX Listing Rule 7.1. Accordingly, the Placement will be made without shareholder approval. The Shares when issued under the Placement are fully paid ordinary shares in Venus ranking equally with existing shares.
The proceeds raised under the Placement will be used by Venus for:
- Exploration at various gold targets at the Youanmi High Grade Gold Project;
- Exploration at Youanmi Currans Cobalt Project; and
- General working capital purposes.
An Appendix 3B and cleansing notice will be lodged upon issue of the Shares under the Placement.
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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