Venture Minerals (ASX:VMS) has wrapped up a two-tranche placement and share purchase plan, raising $6.8 million.
After gaining shareholder approval on 22 August 2024, Venture Minerals issued about 120.61 million shares at $0.019 per share, pursuant to the second tranche of the placement, raising $2.29 million.
Venture Minerals, which has a market capitalisation of $42 million, also issued 32 million shares on 19 August to eligible shareholders under the share purchase plan (SPP).
The issue of shares under the SPP and tranche two placement completes the capital raising.
As this news service previously reported, Venture Minerals will use the funds for assaying, metallurgical studies, preliminary studies, including environmental and heritage work.
Venture Minerals currently holds 1,103km2 of prospective rare earths tenure in Western Australia. The Jupiter Project lies 250km east of Geraldton in Western Australia and has the potential to become a tier one rare earth resource.
Meanwhile, the Brothers Project lies near significant infrastructure including the port of Geraldton.
Venture Minerals’ other Western Australian assets include the Golden Grove North, South West Chalice, and Kulin projects, all of which are considered greenfield critical mineral opportunities.
Write to Aaliyah Rogan at Mining.com.au
Images: Venture Minerals
