Venture Minerals raises more funds for Tas. projects

Subiaco-based mineral exploration company Venture Minerals has sold $1.04 million of shares at a discount to fund further exploration of a magnetite and tin project in Tasmania.

The miner completed the placement of 4 million shares at 26 cents each, in the first of two share sales it announced on February 26, Venture said in a statement released after the market closed today.

Venture, whose shares declined 7.8 per cent to 29.5 cents today, aims to sell a further 6 million shares at 26 cents each, subject to shareholder approval at a general meeting on April 8.

The company said it had secured funding for $6.38 million last month for the exploration of the Mount Lindsay magnetite-tin project in Tasmania, with $2.6 million coming from share sales and $3.78 million from the underwriting of listed options.