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Ventnor Resources Gains $1M Loan Facility, Shares Resume Trading

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.

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