Venturex Resources will raise $4 million through a share placement with funds to be used to advance the company’s Sulphur Springs copper-zinc project, 150km south east of Port Hedland.
Venturex Resources will raise $4 million through a share placement with funds to be used to advance the company’s Sulphur Springs copper-zinc project, 150 kilometres south-east of Port Hedland.
The company was oversubscribed for the placement, which entails the sale of 222 million shares at 0.18 cents per share, a 10 per cent discount on the closing price on Wednesday.
Canaccaord Genuity and Euroz Secuties will act as joint lead managers for the placement.
Funds from the raising are set to be spent on exploration drilling, metallurgical test work and completion of a definitive feasibility study at Sulphur Springs.
There will also be investment in general base metal and gold exploration at the company’s Whim Creek, 100km west of Port Hedland, along with general working capital spend.
Executive director Anthony Reilly said the placement would allow for progression at Sulphur Springs.
“We would like to thank and welcome a number of new, high-quality institutional investors onto our register,” he said
“Venturex is now well positioned to advance its flagship Sulphur Springs Project towards a development decision.”
The company’s shares were up 5 per cent at 2.1 cents.