- Okapi Resources (OKR) completes a “heavily oversubscribed” placement to raise $5.1 million
- The company received binding commitments from private investors for around 34.2 million new shares at 15 cents per share
- Okapi will undertake the placement in two tranches and use the first portion of the new funds to nab a 19.9 per cent shareholding in uranium tech company Ubaryon
- OKR will use the funds from the second tranche to progress its portfolio of uranium assets in North America, where drilling has been planned at three projects this year
- Okapi Resources is up 17.65 per cent, trading at 20 cents at 2:12 pm AEDT
Okapi Resources (OKR) has completed a “heavily oversubscribed” placement to raise $5.1 million.
The company received binding commitments from new and existing institutional and sophisticated inventors for around 34.2 million shares at 15 cents per share.
“We are delighted to have new institutional and sophisticated investors participating in this placement,” Okapi Managing Director Andrew Ferrier said.
“We are also very pleased to see the strong support from existing shareholders.”
The placement will be undertaken in two tranches, with the first comprising 17.4 million shares. This first tranche is expected to be settled by February 17.
The proceeds from the first tranche, along with Okapi’s current cash reserves, will go towards its planned investment in uranium enrichment tech specialist Ubaryon.
OKR in January signed a binding agreement to become a 19.9 per cent shareholder in the private Australian company for $3.1 million.
The company expect this investment to be completed by the end of March 2023.
“We are very excited to acquire an interest in Ubaryon’s enrichment technology, and it has the potential to add significant value to Okapi and its shareholders,” Mr Ferrier said.
The second tranche will comprise 16.7 million shares and will include the directors’ cuts of $129,000, subject to shareholder approval.
Proceeds from the second tranche will be used to progress the company’s portfolio of uranium assets in North America, where drilling has been planned at three projects this year.
Okapi Resources is up 17.65 per cent, trading at 20 cents at 2:12 pm AEDT.