Money was instantly put to work, could be a nice catalyst to at least $30m mcap. This is what they said in the 5 Sep Ann.
FORWARD PLANNING
Venus is now planning a rapid advancement of the Project. This includes:
1. an immediate +6000m RC drill program to provide a large amount of oxide
material for representative advanced metallurgical testing;
2. aiming to complete a scoping study treating 5mtpa oxide ore grading 0.3% V2O5
or better*;
3. commissioning of advancedmetallurgicaltesting by METS;
4. scoping study work by METSfollowing the metallurgical testing; and
5. relevant mining lease applications.
PROJECT FINANCING
The cost of the drill program and next phase of metallurgical test work is estimated to be around $400,000. To fund this, the company has entered into a convertible loan agreement with Mr Barry Fehlberg, an executive director of the company, which may convert, subject to shareholder approval, at an issue price of $0.20 per share - see the announcement dated 4 September 2018.
VMC Price at posting:
18.0¢ Sentiment: None Disclosure: Held
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