JOHANNESBURG (miningweekly.com) – ASX-listed Impact Minerals has reached an agreement to place 18,6-million new shares at an issue price of 16,07c a share, to raise $3-million.

The placement would be made to uranium and coal mining and investment company Polo Resources, which would hold a 19,9% stake in Impact, following the completion of the placement.

The share placement would be completed in two stages, with Impact issuing 11,15-million new shares in the first stage, to raise $1,79-million. The balance of the share placement, to raise $1,2-million, would be subject to shareholder approval at a general meeting to be held in mid-July.

Impact fully owns its Botswana uranium project, which comprised 25 000 km2 of prospecting licence that covers about 350 km of the strike extensions of rocks that host uranium deposits.

Initial interpretation has identified about 20 areas with elevated surface uranium responses and other targets in regional airborne radiometric data. Following field work, six of these areas were identified as high priority, with widespread surface uranium anomalism in calcretes and sandstones.

Impact also owns about 40% of the inferred resource of uranium oxide within the Nowthanna calcrete-hosted uranium deposit, in Western Australia. At a cut off grade of 0,2 kg/t uranium oxide, Impact’s 40% share of the deposit is about 3,92-million tons, at an average grade of 0,45 kg/t for a contained 1 800 t, or four-million pounds of uranium oxide.

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