Venus Resources Joins Hands with Chinese Firm in Share Subscription and JV Deals, Shares Jump 31%
On Monday, the Australian mineral explorer, Venus Resources Ltd. announced that the company has entered into share subscription and joint venture deals with a Chinese company.
On the news, shares of Venus climbed by 19 cents, or 31.67%, to trade at a new high of 79 cents.
Under the terms of the new deal, Venus would be raising an estimated $4 Million via a placement of 2 million shares, priced at $2 per share, to HD Mining & Investment Pty Ltd, a subsidiary of Shandong Provincial Bureau of Geology and Minerals. This would give HD Mining a stake of some 7% in Venus.
Additionally, the Chinese entity would be purchasing a 50% stake in the Australian firm’s Yalgoo iron ore project in Western Australia, by spending a whopping $8 Million on the project over the coming two years.
The deals are currently subject to approval by the Foreign Investment Review Board of Australia.
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