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Venus Metals signs underwriting deal with Ord Minnett for listed options worth $5.7 million

Funds raised from the issue of shares pursuant to the underwriting agreement will be used to progress the company’s exploration activities.

Venus Metals Corporation Ltd - Venus Metals signs underwriting deal with Ord Minnett for listed options worth $5.7 million
Millionaires Chris Wallin (left) and Bruce Mathieson (right) will act as sub‐underwriters (image courtesy: Forbes.com)

Venus Metals Corporation Ltd (ASX:VMC) has entered into an underwriting agreement with Ord Minnett pursuant to which Ord Minnett will underwrite the company’s listed options up to a value of $5.7 million.

Venus has about 57 million listed options on issue, exercisable at 20 cents on or before November 30, 2019. 

Support from two on Forbes richest list

Ord Minnett has appointed Christopher Wallin (an existing substantial shareholder) and Bruce Mathieson to act as sub‐underwriters.

Interestingly, Wallin is 41st and Mathieson is 43rd on Forbes 2019 Australia's 50 Richest list.

Wallin was the Queensland government's chief coal geologist before starting his company, QCoal, in 1989.

Mathieson owns 25% of the country's biggest hotel-and-pub operator, Australian Leisure & Hospitality; the rest is held by local supermarket giant Woolworth.

Funding for exploration

Venus is anticipated to announce the expected shortfall associated with any unexercised listed options and the number of shares to be issued under the underwriting deal on or around December 2, 2019.

Shares issued will be on the same terms as the existing ordinary shares in the company.

Funds raised from the issue of shares pursuant to the underwriting agreement will be used to progress the company’s exploration activities and for general working capital.

Quick facts: Venus Metals Corporation Ltd

Price: 0.185 AUD

ASX:VMC
Market: ASX
Market Cap: $22.06 m
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