Perth based Ventnor Resources (ASX:VRX) has completed the placement of 5,400,000 shares at $0.36 per share to raise $1.94 million.
Funds raised from the issue will be used to complete the third phase of drilling at the Thaduna/Green Dragon copper project.
Second phase drilling at the Thaduna/Green Dragon copper project returned results that included 5 metres at 4.21% copper from 30 metres downhole and 3 metres at 4.47% copper from 121 metres.
Thaduna/Green Dragon is located 40 kilometres east of Sandfire’s Degrussa project in the Doolgunna district 170 kilometres north of Meekatharra, WA.
The placement was arranged by Bell Potter Securities to professional and sophisticated investors.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20438/ventnor-resources-completes-194m-placement-20438.html
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