Ventnor Resources (ASX:VRX) has announced a one-for-two non-renounceable rights issue to raise $1 million priced at 1.5 cents a share. Funds raised through the Rights Issue will be used to conduct further review and evaluation of the Company’s exploration projects and for general working capital and administration purposes. The Rights Issue is fully underwritten by CPS Capital Group.
Ventnor Resources Limited (ASX: VRX) (Company) is pleased to announce a one for two non renounceable rights issue of approximately 68,798,552 fully paid ordinary shares to eligible shareholders to raise approximately $1.032 million (before costs) at 1.5 cents per share (Rights Issue).
The Rights Issue is fully underwritten by CPS Capital Group Pty Ltd.
Funds raised from the Rights Issue will be used to conduct further review, evaluation and exploration programs on the Company’s existing and future projects, costs of the issue, and for general working capital and administration purposes.
The proposed timetable for the Rights Issue is as follows:
The Directors may extend the Closing Date by giving at least 3 Business Days’ notice to ASX prior to the Closing Date, subject to the Corporations Act and Listing Rules. As such the date the New Shares are expected to commence trading on ASX may vary.
Further details and other important information about the Rights Issue are set out in the Company’s Rights Issue Offer Document, which was also lodged with ASX today and will be mailed to eligible shareholders shortly after the Record Date, together with a personalised entitlement and acceptance form.
An Appendix 3B in respect of the Rights Issue and a “cleansing notice” pursuant to section 708AA of the Corporations Act 2001 have also been lodged with ASX today.
