Venari Minerals (ASX:VMS) has completed the first tranche of a previously reported placement, which seeks to raise a total of $6.1 million.
Tranche one, which raised $1.77 million, comprised the issuance of 22.09 million shares at $0.08 per share. Tranche two, raising $2.98 million, is expected to complete following shareholder approval at a meeting to be held on or around 11 September 2026.
In conjunction with the placement, a $1.35 million convertible note has been subscribed for, and the funds have been received.
The funds will be used for infill and extensional drilling, metallurgical testing, and an updated resource estimate incorporating potential strontium and magnesium by-products.
Venari Minerals is an exploration company focused on critical and precious metals in Australia and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Venari Minerals
