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exploration|gold|mining|project|screening|drilling|infrastructure

Venture raises cash for Riley start

3rd August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Venture Minerals will raise A$4-million through a share placement to fund the start of mining activities at its Riley iron-ore project, in Tasmania.

Venture on Monday said it had received firm commitments from sophisticated, professional and institutional investors for the placement of more than 129-million shares, at a price of 3.1c each.

The company will also be launching a share purchase plan (SPP), at the same price, to raise a further A$1.5-million, offering 48.38-million shares to existing shareholders.

The issue price of the share placement and SPP represents a 10.6% discount to Venture’s ten-day volume weighted average share price prior to the placement being announced.

Following the settlement of the share placement, the Venture board will make a final investment decision on the Riley iron-ore mine. With on-site infrastructure already complete, ore mining and dry screening activities could start within one week of a positive decision and the receipt of placement funds.

A previously completed prefeasibility study estimated that the Riley project would require a capital spend of A$3.6-million to return to production, producing around one-million tonnes of 57% iron over a two-year mine life.

Funds from the raising will also go towards exploration at the Kulin gold project, in Western Australia, with drilling expected to start next month.

Edited by Creamer Media Reporter

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