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19/01/21

11:33

Post #: 50269726
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Originally posted by ManukaHoney: ↑

Hi Posie, yep it all sounds positive. (and I am positive). But, why on earth is it taking them sooo... long to organise funding???. On the 9th Oct 2020 they announced the wet screening plant construction was underway. "Venture continues to consider a number of advanced financing proposals to deliver nameplate production at Riley." On 8th Sep 2020 they raised 2.5million. They could have had 3.6 million, but scaled back. This was on top of 4.0 million raised in August 2020. Surely this was enough to fund Riley?? (they said it was). If they were worried about funding the WSP, why did they scale back, or why not even put their hand out for a little bit more then? They were talking about funding the WSP in June 2020. Why didn't they just do a small CR back then? (I posted this query on 24/07/20). We could be well and truly be shipping IO right now as we speak, and not sometime soon...
Cheers, MH

*HIGHLIGHTS 8/09/20
$2.5 million raised under an oversubscribed Share Purchase Plan which includes $1 million of
oversubscriptions;
Applications received for $3.6 million representing over subscriptions of 240% from the $1.5
million Share Purchase Plan;
Funds will primarily be used to ramp-up mining and processing at the Riley Iron Ore Mine; and
Other funds used to advance exploration on Venture’s Kulin Gold Project and Golden Grove
North Copper-Gold project, as well as general working capital.
Venture Minerals Limited (ASX : VMS) (“Venture” or “the Company”) is pleased to announce that it raised $2.5
million from its heavily oversubscribed Share Purchase Plan (SPP).
Total applications received under the SPP, which originally sought to raise $1.5 million, amounted to $3.6 million.
Given the exceptional high level of demand under the SPP, applications have been scaled back.
The funds raised under the SPP are in addition to the $4 million raised in the private placement completed in
August 2020 ensuring the Company was well funded to progress mining at its Riley Iron Ore Mine, as well as to
advance the priority exploration projects

11/06/2020 announcement
"Recently Venture has been engaging with several parties assessing potential
financing options including a debt facility to fund working capital to sustain mining
operations and capital to complete construction of the wet screening plant at Riley.
A decision on these funding initiatives and a Final Investment Decision (FID) will be
made by the Board in the coming weeks".

Expand

Last cr and spp was not enough to fund Riley ...5.5 to 6 mil for wet plant construction and then another 3 to 4 mil for 1st shipment costs ...off take partners didn't help at all because been burnt before in the past by per paying for shipment s ...finance would of cost us a testicular right or left take your pick ... now this cr should be at 15% discount.. standard ..so around the 5.5c mark ,then we are off and racing

VMS Price at posting: 6.6¢ Sentiment: Buy Disclosure: Held
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