Verus to raise funds with new management

21/03/2013 - 14:05

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Investor Craig Burton and Navitas executive Scott Jones have backed a restructurting at Verus Investments, which has announced a capital raising and a new managing director to support its oil & gas focus.

Verus announced today that it had entered a placement agreement with Argonaut Securities to issue 725 million shares priced at 0.07 cents each, to raise $507,500.

Following completion of the placement, Verus said it would offer existing shareholders seven new shares for every 10 held, wth the rights issue to raise an additional $1.77 million.

The company today also unveiled Brett Lawrence as its new managing director, fresh from spending the last eight years with Apache Energy.

Joining Mr Lawrence on the Verus board will be Mr Jones, while prominent geologist Ian Cockerill will join the team on a part-time consulting basis.

Current directors Greg Lee and Sam Russotti will step down from the board.

Verus’ major shareholder, Craig Burton, has backed the changes, placing his support firmly behind Mr Lawrence as managing director.

Verus Investments shares fell by 50 per cent on the ASX today, to finish trade at 0.1 cents. 

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