Venture Minerals in at-the-market
subscription agreement with Acuity Capital
for up to A$10 million of standby equity capital

The company’s diamond core drilling at Golden Grove North will test priority zinc-copper-gold targets as delineated by the recently completed maiden drilling program and moving loop electromagnetic survey.

The company has a track record as an aggressive explorer

Venture Minerals Ltd(ASX:VMS) (OTCMKTS:VTMLF) has entered into an at-the-market subscription agreement (ATM) with Acuity Capital, providing the company with up to A$10 million of standby equity capital over the coming 28-month period.

Importantly, VMS retains full control of all aspects of the subscription process including having sole discretion as to whether to utilise the ATM, the maximum number of shares to be issued, the minimum issue price of shares and the timing of each subscription (if any).

ATM details

There are no requirements on VMS to utilise the ATM and VMS may terminate the ATM at any time, without cost or penalty.

Acuity Capital and the ATM do not place any restrictions at any time on VMS raising capital through other methods.

If Venture Minerals does decide to utilise the ATM, the company is able to set an issue price floor (at its sole discretion), with the final issue price being calculated as the greater of that floor price set by VMS and a 10% discount to a Volume Weighted Average Price (VWAP) over a period of VMS's choosing (again at the sole discretion of VMS).

As security for the ATM, VMS has agreed to place 50 million VMS shares from its LR7.1 capacity, at nil cash consideration to Acuity Capital.

Venture Minerals may at any time cancel the ATM as well as buyback (and cancel) those shares for no cash consideration (subject to shareholder approval).

Phase two drilling at Golden Grove North

On February 23, the company started second phase exploration drilling at the Golden Grove North Project in Western Australia with diamond core drilling underway.

The drill program will test priority zinc-copper-gold targets and follow-up results from reconnaissance-style drilling at the Orcus prospect and maiden drill holes testing several newly identified strong EM conductors situated along the 5-kilometre-long VMS target zone.

A maiden drill program of three holes for 1,311 metres has also been completed at Kulin and this tested multiple gold targets beneath the broad mineralised trenches that returned intervals of up to 31 metres at 1.0 g/t gold and 20 metres at 0.6 g/t.