Aussie mineral exploration company Venture Minerals Ltd
(ASX:VMS) is to raise $20 million to fast track the development of its flagship Mt Lindsay project in north-west Tasmania.
The capital raising includes an $18 million placement to existing and new institutional investors and a share purchase plan to eligible shareholders.
Venture Minerals says it will place a total of 40.9 million shares at $0.44 each to institutional and sophisticated investors in two tranches.
Shareholders will be offered the chance to purchase shares at $0.44 a share via a share purchase plan to raise a further $2 million.
The company says proceeds of the raising will go towards funding ongoing exploration and feasibility studies at the company’s Mt Lindsay tin and tungsten project in Tassie.
Venture Minerals posted a loss of $2.29 million for the year to June 30, 2010.
