Entitlement Offer of 1 new listed VMCOA option for every 3 Shares held at the Record Date to raise up to approximately $512,000 (before costs)
Capital Raising Entitlement Offer
Perth, Oct 13, 2017 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) (Venus or Company) is pleased to advise that the Company intends to undertake a pro-rata non-renounceable entitlement offer of listed options over fully paid ordinary shares (ASX:VMCOA) (Options) on the basis of 1 new Option for every three fully paid ordinary shares (Shares) held to raise up to approximately $512,000 (before costs) (Entitlement Offer).
Funds raised under the Entitlement Offer will be used for:
a) exploration at various gold targets at the Youanmi High Grade Gold Project;
b) exploration at Youanmi Currans Cobalt Project;
c) exploration for lithium at various other tenements; and
d) general working capital purposes.
Under the Entitlement Offer, Eligible Shareholders (as defined below) will be entitled to subscribe for one (1) Option at the Offer Price of $0.02 per Option for every three (3) Shares held at 7:00pm (Perth time) on 30 October 2017 (Record Date).
Options issued under the Entitlement Offer will have an exercise price of $0.20 and an expiry date of 30 November 2019and will rank equally with the existing listed options of the Company. The Shares that will be issued upon the exercise of the Options will rank equally with the existing Shares of the Company.
Shareholders on the Record Date with a registered address in Australia and New Zealand whom are eligible under all applicable securities laws to receive an offer under the Entitlement Offer will be eligible to participate in the Entitlement Offer (Eligible Shareholders).
The Entitlement Offer will be undertaken pursuant to a prospectus which will be sent to Eligible Shareholders on or around 2 November 2017 in accordance with the indicative timetable set out below. The Directors recommend Eligible Shareholders read the prospectus carefully before deciding whether to proceed.
The Entitlement Offer is non-renounceable and rights will not be traded on the ASX or otherwise transferable. Eligible Shareholders who do not take up their entitlement under the Entitlement Offer in full or in part, will not receive any value in respect of those entitlements not taken up. The Entitlement Offer will raise up to approximately $512,000 (before costs). Under the Entitlement Offer, Venus will offer up to approximately $512,000 Options to Eligible Shareholders.
Any Options not taken up by Eligible Shareholders (including under the Shortfall Facility) may become available as shortfall (Shortfall). The Directors reserve the right, subject to the requirements of the Listing Rules and the Corporations Act, to place any Shortfall at their absolute discretion.
Indicative Timetable
The proposed timetable for the Entitlement Offer, which is subject to ASX review, is as follows:
Event: Announcement of launch of the Entitlement Offer
Date: 13 October 2017
Event: Lodgement of Appendix 3B with ASX
Date: 13 October 2017
Event: Prospectus lodged at ASIC and ASX
Date: 25 October 2017
Event: Notice sent to Shareholders
Date: 26 October 2017
Event: "Ex" date
Date: 27 October 2017
Event: Record Date to determine Entitlements
Date: 7.00pm (Perth time) 30 October 2017
Event: Prospectus (together with Entitlement and Acceptance Form) despatched to Shareholders
Date: 2 November 2017
Event: Entitlement Offer Opens
Date: 2 November 2017
Event: Entitlement Offer Closes (unless extended or withdrawn)
Date: 5.00pm (Perth time) 13 November 2017
Event: Options quoted on a deferred settlement basis
Date: 14 November 2017
Event: Notification to ASX of under subscriptions
Date: 16 November 2017
Event: Issue date
Date: 20 November 2017
The above timetable is indicative only and subject to change. The Company reserves the right to amend any or all of these events, dates and times subject to the Corporations Act, the ASX Listing Rules and other applicable laws.
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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