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DEVELOP GLOBAL LIMITED — Capital/Financing Update 2010
Jun 15, 2010
64801_rns_2010-06-15_0dd1d16d-67a6-469d-9898-a3facd913475.pdf
Capital/Financing Update
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ASX Announcement Code: VXR
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16 June 2010
Amendment to Subscription Agreement
At the request of Regent Pacific Group Limited (Regent), the Board of Venturex Resources Limited (Venturex) has agreed to amend the Subscription Agreement dated 23 March 2010 so that the Tranche 2 placement, as defined in the Notice of Meeting released to the market on 14 May 2010, will be reduced to 38,888,888 shares at 9 cents per share raising $3.5 million (previously 53,614,347 shares raising $4,825,291).
Regent and Venturex have agreed that the funds will be provided in two equal allotments of 19,444,444 shares at 9 cents per share ($1.75m). Subject to the approval at General Meeting on Wednesday, 16 June 2010, the first issue will occur on Monday, 21 June 2010, with the second issue being made on Monday, 16 August 2010.
For further details:
Dr Tim Sugden Managing Director T: +61 8 6389 7403 M: +61 407 085 032 E: [email protected]
Board
Allan Trench Non-Executive Chairman
Hence, the total placement funds received from Regent Pacific in Tranche 1 and 2 will then be $10,726,775.
The Venturex Board has reviewed its current exploration program, and proposed expenditure, and advises that the reduction to $3.5 million for Tranche 2 will provide the Company with a net ~$7m which the Board considers sufficient funding to enable the Company to aggressively pursue its exploration activities, as previously advised, whilst reducing the dilutionary effect of the total placement on all Shareholders.
Shareholder approval of this amended Tranche 2 placement will be sought at a General Meeting to be held on Wednesday, 16 June 2010.
Tim Sugden Managing Director
Michael Mulroney Non-Executive Director
Anthony Reilly Executive Director
TIM SUGDEN Managing Director
Liza Carpene Company Secretary
Contact Details
Registered Office: Suite 3, Level 1 127 Cambridge Street West Leederville WA 6007 T: +61 8 6389 7400 F: +61 8 9463 7836
E: [email protected] W: www.venturexresources.com
ABN: 28 122 180 205
About Venturex Resources Limited
Venturex Resources Limited (ASX: VXR) is a well funded Australian exploration and development company with a portfolio of VMS projects in the Western Pilbara. Venturex owns or controls the Whim Creek Copper Mine and all associated mining leases and exploration tenements including copper, zinc, lead, silver and gold resources at Whim Creek, Mons Cupri, Salt Creek and Liberty‐Indee. Other assets include the Whim Creek Hotel, an accommodation village, crushing circuit and various mining infrastructure. The Company is committed to a strategy of consolidating VMS projects in the Western Pilbara and developing Whim Creek as a centralised processing hub. Venturex is also exploring for gold in Brazil through its wholly owned subsidiary CMG Mineracao Ltda.
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