Vonex Ltd - Vonex banks A$1.75m in proceeds
Vonex Ltd (ASX:VN8)

Vonex banks A$1.75m in proceeds

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Highlights

What's happened?

Vonex Ltd (ASX: VN8, “Vonex”) has received a cash inflow of A$1.75 million, being the first tranche of consideration for the sale of its entitlements to iron ore production royalties (“Royalty”) derived from the Koolyanobbing Iron Ore Project.

What are the key highlights?

  1. Following receipt of the initial cash consideration of A$1.75 million, Vonex’s cash position is strengthened with circa $3.5m cash at bank at time of release (see announcement linked below).
  2. Vonex is now significantly funded to continue the highly-successful marketing drive in collaboration with Qantas Business Rewards, and leverage off the recent integration of 2SG Wholesale into the Company’s operations.
  3. The Company is entitled to additional consideration from the Royalty sale of up to A$750,000 in future tranches - please see the announcement for more details.

CEO's Summary

Matt Fahey

"This is a milestone event for the Company, disposing of the last non-core asset for cash consideration of up to A$2.5m. These proceeds put Vonex in a very good position, with the ability now to comfortably fund our organic growth of both our direct and recently expanded wholesale businesses following the completed purchase of 2SG Wholesale. We are thrilled for SilverStream and wish them the best of luck with their endeavours.”

Matt Fahey
CEO, Vonex Ltd
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