- Marenica Energy hopes to raise $1.6 million to continue its Uranium Projects in Namibia and Australia
- Capital raising of $1.6 million by placing approximately 16 million shares at 10¢ each
- The Namibia Uranium Project was recently granted with five new tenements
- The company will acquire Optimal’s Australian uranium tenements in September
Marenica Energy hopes to raise $1.6 million to continue its Uranium Projects in Namibia and Australia.
The company plans on raising $1.6 million by placing approximately 16 million shares at 10¢ each. The issue of the shares are expected to occur on Thursday, August 1.
Marenica Uranium Project is located in the Erongo region of Namibia, which is a world class uranium provider.
The funds raised will help its Marenica Uranium Project in Namibia by continuing to explore the tenement position in the Erongo region.
The Namibia Uranium Project was recently granted with five new tenements and it plans to explore each tenement as soon as possible.
Drilling has commenced in one of tenements, EPL 6987, known as Koppies.
The company owns a number of uranium mines around Australia.
Managing Director Murray Hill says the past 12 months of obtaining the tenements has paid off.
“We are excited about the potential of the drilling which has recently commenced on EPL 6897 in Namibia and the expected extensions of that drilling into our tenement applications,” he said.
The company will acquire Optimal’s Australian uranium tenements in September.
Marenica will hold 16 mining tenements and joint venture interests in 28 mining tenements in Western Australia and Northern Territory.
This include the outright purchase of Angela, Thatcher Soak and Oobagooma.
Marenica Energy will also have joint venture holdings with in the Bigrlyi, Malawiri, Walbiri and Areva joint ventures.
“Marenica’s recent counter-cyclical agreement to purchase high-grade uranium resources in Australia, averaging 859 ppm U3O8, will increase our uranium resources by 48 Mlbs U3O8,” Murray added.
Funds from the capital raising will also go towards the advancement of the Australian uranium projects.
The company plans on analysing and prioritising activities in each area using its U-pgrade.
U-pgrade™ is a process which helps seek further exploration opportunities as a result of lower cost.
“Following completion of the acquisition, Marenica will have one of the largest uranium resource inventories of ASX-listed companies,” Murray said.
Marenica Energy has dropped 6.67 per cent selling at 9.8¢.