PERTH (miningweekly.com) – Metals explorer Venturex Resources will raise some A$4-million through an institutional placement to advance its Sulphur Springs copper/zinc project, in Western Australia.
The company on Friday said that it would place some 222-million shares, at 1.8c each, to institutional and sophisticated investors, representing around 6.6% of its existing shares on issue.
The placement price represents a 10% discount to the company’s last closing price on November 15.
The placement will be made under Venturex’s existing capacity, and will not require shareholder approval.
Funds received will be used to advance the Sulphur Springs project towards a development decision, while also funding exploration at the Whim Creek project, and for general working capital.