Three explorers raise $9m

Venus Metals Corporation has entered into an underwriting agreement with Ord Minnett to exercise $5.7 million worth of options to progress exploration activities at its base metal projects in Western Australia.

Venus has approximately 57 million options on issue, exercisable at 20 cents on or before November 30.

The company has appointed two major shareholders and mining executives Christopher Wallin and Bruce Mathieson to act as sub-underwriters; Ord Minnett may also appoint additional sub-underwriters to participate in the agreement.

Venus said it would announce the expected shortfall associated with any unexercised options, and the number of shares to be issued under the underwriting agreement, on or around December 2.

Shares in Venus Resources were down 2.94 per cent to trade at 16 cents per share, as at 3:55pm AEDT.

Junior explorers Castillo Copper and Invictus Energy have announced share placements.

Castillo said it is seeking to raise a minimum of $1 million and maximum of $2 million through the issue of shares at 2 cents per share, with Merchant Group subsidiary Merchant Corporate Advisory acting as lead manager to the placement.

Options exercisable at 5 cents within three years will also be issued with the shares, on a one for three basis.

The company said the funds would go towards exploration programs at its three copper mines in Australia and Zambia.

Meanwhile, Invictus Energy said it would raise $1.5 million through the issue of approximately 58 million shares at 2.6 cents per share, with Ashanti Capital acting as lead manager to the placement.

Invictus said it would use the funds together with existing cash reserves to ensure the company is well-funded through farm-out discussions, and to accelerate preparatory works for exploration activities.

Shares in Invictus Energy are trading at 2.9 cents per share, as at 10:15am AEDT.

Shares in Castillo Copper are trading at 1.6 cents per share, as at 2:20pm AEDT.