Venari Minerals (ASX:ASE) has raised $1.08 million through a share purchase plan (SPP), more than double its original target of $500,000, to accelerate drilling and resource work at its Red Mountain Lithium Project in Nevada.
The company will issue around 72 million shares tomorrow (9 October), holding an issue price of $0.015 per share.
The SPP was open for eligible shareholders to subscribe up to $30,000 worth in shares, which Venari Chairman Tony Leibowitz participated with $50,000.
Leibowitz describes this outcome as a “clear vote of confidence” for the company’s growth strategy.
“To exceed our original target by such a margin – particularly in the current market, demonstrates strong belief in the company’s direction,” Leibowitz says.
Funds raised will be used to accelerate exploration at the Red Mountain Lithium Project in Nevada, pushing towards an initial resource estimate by the end of 2025, concurrent with technical studies.
Meanwhile, Venari, formerly known as Astute Metals, expects its ASX ticker code to change to ‘VMS’ on 14 October, reflecting the recent name change.
Venari Minerals is a mineral 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
