Venus woos Rosendorff, issues $2m IPO

Perth-based diamond explorer Venus Resources Ltd, which boasts Perth jeweller Craig Rosendorff as a board member, has announced plans to raise $2 million through its initial public offer, to fund exploration of its East Kimberley diamond project.

The company, which will offer 10 million shares at 20 cents each, has entered into a joint venture with Seaward Holdings Pty Ltd for the exploration of a 224 sqkm tenement 20km north of the Argyle Diamond Mine.

Venus will hold project management rights and rights to 95 per cent of all diamonds found under the agreement.

The company is chaired by former Stock Exchange of Perth chairman Terry Hogan in a non-executive capacity, joined on the board by Matthew Hogan, Mr Rosendorff and executive director Simon Coxhell. Edmund Czechowski will serve as company secretary.

Under the company's prospectus, Venus will cater for oversubscriptions to raise an additional $200,000 through the issue of 1 million shares at 20 cents each.

Hogan & Partners will act as brokers to the deal, while Stantons Partners Corporate Pty Lt will serve as investigating accountants. Stantons International will act as auditors, with legal advice to be provided by Blakiston & Crabb.

The offer opened on May 1, and will close May 29.