(MENAFN- ABN Newswire)
Venus Metals Corporation (the Company) (ASX:VMC) is pleased to advise it has received an application from a professional and sophisticated investor for a private placement of 600,000 new ordinary fully paid shares at A$0.17 per share to raise A$102,000 (Placement).
Settlement of the Placement is expected to complete immediately after the funds are received and cleared. The Placement will be undertaken using the Company's existing placement capacity under Listing Rule 7.1, and accordingly, the Placement will be made without shareholder approval. When issued, Placement shares will rank equally with existing shares then on issue.
Funds raised will be used for general working capital.
An Appendix 3B and cleansing notice will be lodged upon issue and allotment of the shares under the Placement.
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.
Matthew HoganManaging DirectorT: +61-8-9321-7541 Barry FehlbergExecutive Exploration DirectorT: +61-8-9321-7541
MENAFN2403201901110000ID1098298405
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