Mining Weekly reported Venture Minerals (ASX:VMS) will raise A$17-million in equity to develop its direct shipping operations and the Big Wilson tin prospect.

As quoted in the market news:

The capital raising would include a A$15-million placement to existing and new institutional investors, and a A$2-million share purchase plan to be offered to all eligible shareholders on the same terms as the placement.

Venture would place a total of 48.8-million fully paid ordinary shares at 31c a share to institutional and sophisticated investors in two tranches. The first tranche would consist of 23-million shares, and would be placed under the company’s 15% capacity.

Click here to read the full Mining Weekly report.