Venture Minerals (ASX:VMS) has completed the first tranche of a previously announced placement, raising $3.97 million, to support its focused 18-month strategy.
Under the placement, about 172.5 million shares at $0.019 per share were issued, raising $3.3 million before costs.
Venture Minerals, which has a market capitalisation of $43 million, also confirms that 35.2 million shares held by Acuity Capital were transferred to Lion Selection Group (ASX:LSX) at the same issue price, raising $670,000 before costs.
The second tranche of the placement is expected to be completed following shareholder approval at a meeting on or around 20 August 2024.
Venture Minerals is focused on advancing its Jupiter Project in Western Australia, including delivering a maiden resource estimate and resource upgrade.
Write to Aaliyah Rogan at Mining.com.au
Images: Venture Minerals
