PERTH (miningweekly.com) – Uranium hopeful Deep Yellow has completed its A$40.8-million capital raise, and has issued more than 62.7-million shares to institutional, sophisticated and professional investors.
“It is worth repeating that this highly successful fund raising has put the company in a strong financial position making us better able to execute on the multiple potentially wealth creating activities we have under consideration,” said MD and CEO John Borshoff on Wednesday.
Deep Yellow previously said that the capital raise would fund work on its Tumas project, in Namibia, and to advance targeted merger and acquisition opportunities.
“The strengthening of our balance sheet comes at an appropriate time with a busy 18 months ahead as we complete the Tumas definitive feasibility study, continue exploration across the Reptile and Nova projects, and advance targeted merger and acquisition opportunities,” Borshoff said.
He noted that the company was also confident that it would raise an additional A$2-million from a share purchase plan, which would allow eligible shareholders to subscribe for up to A$30 000 worth of new shares, at an issue price of 65c each.