Venture Minerals Announces The Successful Completion Of Institutional Entitlement Offer

  • May 27, 2019 AEST
  • Team Kalkine
Venture Minerals Announces The Successful Completion Of Institutional Entitlement Offer

Venture Minerals Limited (ASX: VMS) is involved in the exploration of various minerals and resource projects. Today, on 27th May 2019, VMS announced that it has successfully completed institutional component of its fully underwritten 2 for 5 pro rata accelerated non-renounceable entitlement offer. The Entitlement Offer comprises the Institutional Entitlement Offer and a Retail Entitlement Offer. The capital raised will be utilised to complete the updated feasibility study on the Riley Iron Ore project and to bring the mine into production subject to the decision to mine being reached by the Board.

The offer raised around $1.1 million at an offer price of $0.02 per new share. Accordingly, new shares will be issued on their issue date, and will rank equally with the existing shares on issue in the company. It will also consist of the issuance of 1-for-2 free attaching new option with an exercise price of $0.035, expiring on June 18, 2020. The offer settlement is expected to occur on May 31, 2019, with the new shares issued and expected to commence trading on June 3, 2019. The new options will be quoted once the Retail Entitlement offer is completed.

Mr Andrew Radonjic, Managing Director of the company, stated that the management expressed gratitude for the new and existing shareholders, including the major shareholders for their support. The Board welcome all the shareholders under the entitlement offer and provide an opportunity to participate in the future of the company, as VMS enter into an exciting phase of working towards potentially bringing Australia’s next iron ore mine into development.

The fully underwritten retail component of the Entitlement Offer will comprise offers to raise an approximate amount of $3.1 million. The Entitlement Offer is fully underwritten by Patersons Securities Ltd. All the eligible shareholders, with a registered address in Australia or New Zealand with their details registered before the record date, can take up their entitlement of new shares at the offer price with a 1-for-2 free attaching option as per the conditions lodged in the prospectus.

Entitlement Offer Timetable:

In addition to the Entitlement Offer, VMS has received a good response from the sophisticated and professional investors, under the placement (scheduled to be completed by May 30, 2019) to raise $1,561,836 through the issue of 78,091,800 ordinary shares at an issue price of $0.02 per share.

As per the placement, a 1-for-2 free attaching option with an exercise price of $0.035, expiring June 18, 2020, will be issued subject to shareholder approval to be sought at a General Meeting expected to be held in early July 2019.

In its quarterly cash flow reports (ended on March 31, 2019), net cash flow from operating activities was reported at negative $0.541 million. Its cash and cash equivalents at the end of the period were $0.40 million.

On the stock information front, at the time of writing (on May 27, 2019, AEST 03:22 PM) the stock of Venture Minerals was trading at $0.023 down by 4.167% as compared to its previous day’s closing price. It was under voluntary suspension from May 22, 2019 and upon today’s news being released the shares were reinstated on ASX. Its 52 weeks high was at $0.034 and 52 weeks low at $0.016, with an average volume of 405,307 (yearly).


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