Venture to raise $5m in scrip offer

West Perth-based minerals explorer Venture Minerals Ltd aims to raise $5 million in a scrip offer to fund evaluation of its exploration projects in Western Australia, South Australia and Tasmania.

The company will sell 25 million shares at 20 cents each for the exploration of four tenements, which the company says has the potential to deliver them what it calls a 'company-making asset'.

The company, which was incorporated in May this year, is chaired by Fremantle Football Club Vice-President Mel Ashton, who also serves as chair of Gryphon Minerals Limited, Empire Ltd and PCT Engineers Pty Ltd. He is joined on the board by managing director Andrew Radonjic, a geologist and director of Halcyon Group Ltd, and Kent Hunter, who serves on the boards of Cazaly Resources Ltd, Elixir Petroleum Ltd, Gryphon and Scimitar Resources Ltd.

With Max Capital and Montagu Corporate acting as co-lead managers to the deal, and Montagu Stockbroking as sponsoring broker, the deal is to be audited by Stanton International, with Stanton partners acting as investigating accountant.

The offer opened opn July 28, and will close on September 1 this year.