Venus completes $4m placement

Venus Metals has announced it has completed a private placement of two million shares to raise $4 million from UK and European institutional investors.

The Perth-based minerals explorer will use the proceeds for general working capital, exploration, sampling work and feasibility studies.

Venus' full announcement is below:

Venus Metals Corporation Limited ("Venus") is pleased to advise that it has
completed a private placement of 2,000,000 shares at A$2.00 per share together
with one (1) free attaching option for every two (2) shares subscribed for (each option
exercisable at A$3.00 on or before 30 June 2012) to raise A$4,000,000
("Placement").

"The options are subject to acceleration provisions such that, if at
any time during the term of the options, Venus shares have a closing price on ASX
for 10 or more consecutive trading days of more than A$4.00, Venus may elect to
accelerate the exercise of the options to a date not less than 20 days after Venus
notifies the option holders about the accelerated exercise."

The placement of shares and free attaching options will be undertaken utilising the
Company's 15% capacity under ASX Listing Rule 7.1. Accordingly, the Placement is
not subject to shareholder approval.

The proceeds raised under the Placement will be used by Venus for:
Exploration drilling, bulk sampling and feasibility studies; and
General working capital purposes.