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Venus Metals has resources billionaire take 20 million shares at premium

Chris Wallin was a billionaire in 2011 and 2012 thanks to his private coal assets.

Venus Metals Corporation Ltd - Venus Metals has resources billionaire take 20 million shares at premium
Wallin paid 20 cents per shares for 20 million shares, an 8.1% premium to the last close

Venus Metals Corporation Ltd (ASX:VMC) has had substantial shareholder Chris Wallin increase his stake to 17.25%.

The increase is the result of two transactions, the first being an on-market purchase of $10,581 worth of shares on 9 October 2019.

The second, and more significant, was the 20 million shares issued to Wallin for $4 million as part of an option underwriting agreement with stockbroker Ord Minnett.

Notably, Wallin paid 20 cents each for his 20 million shares, which represents a premium to the last traded price of 18.5 cents.

Wallin underwrote options with Bruce Mathieson

Last month, Venus entered into an underwriting agreement with Ord Minnett for listed options in the company up to a value of $5.7 million.

The 57 million listed options were exercisable at 20 cents and expired 30 November 2019.

Wallin and billionaire hotelier Bruce Mathieson both agreed to act as sub‐underwriters.

Recent discovery at Youanmi

Towards the end of November 2019, Venus and its partner Rox Resources Limited (ASX:RXL) received additional drilling results from the Sovereign Prospect within their Youanmi Gold Project in WA.

RC drilling highlights included 3 metres at 6.61 g/t gold from 78 metres and aircore highlights featured 8 metres at 1.92 g/t gold from 28 metres.

The discovery of shallow gold mineralisation, also associated with base metals, is encouraging and deeper drilling is planned to further explore this newly identified zones.

Quick facts: Venus Metals Corporation Ltd

Price: 0.18 AUD

ASX:VMC
Market: ASX
Market Cap: $27.19 m
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