Private placement application received to raise A$102,000 at an issue price of A$0.17 per share from a professional and sophisticated investor
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.
About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. 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%) (OYG JV); Indicated and Inferred Resources of the mine is 1.7 million ounces of gold.
Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.
Venus Metals Corporation Limited