PROJECT FINANCE

Venture raising to fund Riley revival

IRON ore hopeful Venture Minerals is raising A$5.7 million to fund its plan to fast-track the restart of its small Riley direct shipping ore operation in Tasmania to take advantage of high iron ore prices, which have just peaked above US$100 per tonne for the first time in five years.

Riley's ore sits at surface.

Riley's ore sits at surface.

The junior, which had just A$400,000 in the bank last month, has placed shares at 2c shares with sophisticated and professional investors to raise $1.56 million, and will seek approval a two-for-five rights...

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