Vonex banks A$1.75m in proceeds

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.