Haranga Resources raises $2.86m to grow maiden resource

• Haranga Resources (ASX:HAR) raises more than $2 million in funds to drill test for mineralised uranium at its Saraya project
• The play is based in Senegal, West Africa, and is known to contain mineralisation possibly viable for open-pit mining
• The company issued 26 million shares at 11 cents, a 4-cent discount to its closing price on Tuesday
• One key investor pitched in more than $300,000 and board members are expected to participate
• Uranium prices are at decade highs
• Shares last traded at 15 cents

ASX-listed uranium explorer Haranga Resources (ASX:HAR) has secured commitments for $2.86 million in funding to expand the company’s maiden uranium resource.

By targeting sophisticated investors, Haranga attracted significant interest, leading to an oversubscribed funding round, likely bolstered by the decade-high uranium prices.

The funds were raised through the placement of 26 million shares at 11 cents per share, representing a 4-cent discount to the company’s share price at the close on Tuesday.

Existing shareholders played a substantial role in the capital raise, with key shareholder Jason Peterson committing in excess of $300,000.

The board also intend to participate and the company welcomed new investors on the register.

Haranga’s maiden JORC resource for its Saraya uranium project in the West African nation of Senegal stands at 12.5 million tonnes of ore, with a uranium grade of 587 ppm, amounting to 16.1 million pounds or 7300 tonnes.

It’s worth noting that Haranga’s existing JORC resource covers only a fraction, approximately 0.2 kilometres, of the project’s expansive 1650 square-kilometre footprint. Geotechnical experts are confident in the presence of compelling evidence for potential upside.

The company has identified six underground geomagnetic targets of priority interest, and the magnetic signatures of these underground bodies exceed the boundaries within which the maiden Saraya resource is confined.

Furthermore, shallower uranium mineralisation, within 160 metres, has been confirmed on-site, and the company indicated its interest in exploring the possibility of an open-pit operation.

HAR shares last traded at 15 cents.