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  • Ventnor Resources Gains $1M Loan Facility, Shares Resume Trading 0 comments
    Nov 20, 2013 12:54 AM

    Ventnor Resources (ASX:VRX) will raise $1 million via a loan facility with sophisticated investors.

    With this facility, Ventnor's shares on the ASX can re-commence trading.

    Interest is payable at 10% per annum on drawn down amounts and with 1 million options to be issued to the investors.

    In October, Ventnor announced $9 million in funding from mining major Sandfire Resources (ASX: SFR).

    Sandfire will initially acquire a 35% interest in the project by paying $3 million upfront directly to Ventnor.

    Sandfire can then acquire an additional 16% (total 51%) for the second $3 million tranche, and 29% (total 80%) for the third $3 million.

    The deal stuck in October was aimed at a fast-track for Ventnor's Thaduna/Green Dragon copper project into production.

    The transaction comprised a farm-in, funding and toll treatment agreement with Sandfire to advance the project to production utilising its production facilities at its DeGrussa copper project.

    Thaduna/Green Dragon is located 40 kilometres from DeGrussa.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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