- Uranium explores 92 Energy (92E) raises $8.7 million for its Gemini uranium project in the Athabasca Basin, Saskatchewan, Canada
- Under the placement, the company will issue over 11 million shares at 78 cents each, a 22 per cent premium to the last closing price on June 8
- Funds raised will provide the company with significant financial strength to aggressively target Gemini
- Settlement of the new shares will occur on June 17 and will rank equally with existing shares
- Shares in 92 Energy are down 14.8 per cent, trading at 54.5 cents as of 3:44 pm AEST
Canadian uranium exploration company 92 Energy (92E) has raised $8.7 million through a placement.
The placement will issue approximately 11.1 million shares at an issue price of 78 cents per share, a 22 per cent premium to the last closing price on June 8.
The shares will qualify as “flow-through shares” as defined by the Canadian Income Tax Act.
Funds raised will provide the company with significant financial strength to aggressively target the Gemini Project after the recent uranium discovery at the Gemini Mineralised Zone (GMZ).
Managing Director Siobhan Lancaster said the placement has attracted an even larger flow through premium especially now that uranium is considered a “critical mineral” by the Canadian government.
“The even larger flow confirms the importance of uranium and nuclear as an avenue for governments to meet their decarbonisation and energy security goals.
“We are excited that drilling has now commenced at the Gemini Project (with an) initial plan to drill up to 6,000 metres, with the aim to expand the footprint of the GMZ and carry out other high priority exploration drilling on the highly prospective Gemini Property.”
The placement was facilitated by leading Canadian flow-through share dealer and fund manager, Peartree Securities and Canaccord Genuity acted as lead manager.
Settlement of the new shares will occur on June 17 and will rank equally with existing shares.
Shares in 92 Energy were down 14.8 per cent, trading at 54.5 cents as of 3:44 pm AEST