JOHANNESBURG (miningweekly.com) – A new drilling programme is set to start at ASX-listed Venturex Resources’ Whim Creek zinc project, on the back of the company raising $3.05-million through its nonrenounceable entitlement issue.
The programme will seek to grow the existing zinc resource and test newly identified exploration targets in the Pilbara region of Western Australia.
Together with the recently completed $1-million placement to Euroz Securities clients, this takes the total funds raised before costs to $4.05-million.
At the close of the offer, Venturex had received valid applications from eligible shareholders for 483-million available shares equating to a 69.22% participation level.
Twenty-five million of the shares not taken up have been issued to two of the company’s directors, John Nitschke and Anthony Kiernan, as a consequence of the underwriting agreement.
The company and Euroz, which is the lead manager of the offer, are proceeding to place the remaining shortfall of 190-million shares.
The new shares and attached options are expected to be issued, and holding statements dispatched, on Wednesday.