Elevate Uranium, an ASX-listed company with assets in Namibia and Australia, on Friday announced a placement of shares to raise A$10-million.
Demand for the placement, at A$0.32 a share, was strong, reported MD Murray Hill.
“The placement adds further depth to our register, strengthens our financial position and allows us to press on to aggressively advance our flagship Koppies project in Namibia and explore our other projects in Namibia and Australia. In an increasingly buoyant uranium price environment, we will have five drill rigs operating in Namibia alone,” he said in a statement.
Elevate will focus on resource infill and expansion drilling, metallurgical test work and starting a scoping study at the Koppies project, where it currently has three drill rigs operational.
Two additional drill rigs will be commissioned in Namibia.
The funds, which are in addition to Elevate’s existing cash reserves of A$7.1-million, will also be used for exploration at the firm’s Australian uranium projects and for potential opportunistic opportunities.