Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has raised $1.02 million by utilising its At-the-Market (ATM) Subscription Agreement with Acuity Capital with funds to fast-track resource drilling and metallurgical test-work at the new Jupiter clay-hosted rare earths target in Western Australia.
These funds come through the set-off of 73.8 million collateral shares previously issued to Acuity Capital under the ATM. No new shares will be issued under this raising.
The set-off shares reduce the total collateral shares which Acuity Capital is otherwise required to return to Venture Minerals upon termination or maturity of the ATM to 11.2 million.
These set-off shares have a deemed price of $0.0138 per share, which represents a discount of 1.3% to the last traded price of $0.014 on February 9, 2024, and an 84% premium on the last capital raising price in December 2023.
About Brothers Project
Venture's Brothers Rare Earth Elements (REE) Project includes the Iron Duke JV which hosts the Jupiter Prospect, a potentially significant REE clay-hosted discovery near Yalgoo in Western Australia.
Brothers is well located near significant infrastructure including the port of Geraldton, Iluka’s Eneabba Rare Earths Refinery and Lynas Rare Earths operating Mount Weld Concentrator.
READ: Venture Minerals hits highest grade clay REE intersection in Australia
Just last week, Venture Minerals set itself apart from the rest of the pack, with a record result representing the highest-grade clay-hosted rare earth element (REE) intersection unearthed so far in Australia.
This result was 48 metres at 3,025 parts per million (ppm) total rare earth oxide (TREO), with further smaller intersections assaying up to 10,266 ppm and 20,538 ppm TREO respectively.
It came from a stage one resource definition drilling program at Jupiter and was in the first batch of assays returned from the program.
Importantly, the intersections contain high levels of valuable magnet rare earth oxides (MREO) up to 3,288 ppm neodymium, 788 ppm praseodymium, 674 ppm dysprosium, 101 ppm terbium, and “extremely low” radioactive components of thorium and uranium.