Private Placement Applications and Commitments Received for A$680,000 at an Issue Price of A$0.10 Per Share to Professional and Sophisticated InvestorsPerth, 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) holds a significant and wide ranging portfolio of Australian base and precious metals exploration projects comprising lithium, cobalt, vanadium, copper, zinc, nickel, gold and platinum group of elements.
Key project areas in Western Australia include:
- Pincher Well Zinc-Copper Project (Youanmi): Over 5 km of under explored VMS trend with an Exploration Target of 15-20 Million Tonnes@ 2-8% Zinc,which also hosts a number of high grade lodes (>10% Zinc).
- Currans Well Cobalt-Nickel-Copper Project (Youanmi): Significant Cobalt mineralisation up to 1483 ppm Co in historical drilling. Extensive Lateritic Duricrust Co-Ni target areas identified.
- Curara Well Nickel-Copper-Gold Project (Doolgunna):10 km northeast of Sandfire Resources DeGrussa Copper Mine. Wide intercepts of disseminated Nickel Sulphides (Millerites) in Ultramafics.
- Southern Cross Vanadium Project (Youanmi): JORC 2012 Inferred Vanadium Mineral Resource of 167.7 Millions Tonnes @ 0.41% V2O5, 7.52% TiO2.
- Strategic Lithium-Tantalum Projects in WA.
Venus Metals Corporation Limited