Venari Minerals (ASX:ASE) has raised $4.11 million in the second tranche of its private placement to fund exploration costs across its portfolio of assets in the US.
The company has issued 273.94 million shares at a price of $0.015 per share in the second tranche, closing a greater $5.5 million placement.
With Alpine Capital and Evolution Capital acting as the joint lead managers, the total placement comprised an aggregate 366.66 million shares, before a share purchase plan (SPP) is to follow.
Applications for the SPP close on 6 October, and are aimed at raising an additional $500,000 through shareholders subscribing for up to $30,000 worth of shares at the same issue price.
As reported by Mining.com.au, Venari will use funds towards both a maiden resource estimate for its Red Mountain Project, while also streamlining a drill testing campaign for gold-silver targets at the Needles Project, both located in Nevada, US.
Venari Minerals, formerly known as Astute Metals, is a diversified explorer focused on discovering critical and precious metals such as lithium, gold, and silver, across its portfolio of projects in Nevada, US.
Write to Maddison Elliott at Mining.com.au
Images: Venari Minerals
