Energia raises cash for Carley Bore uranium project
PERTH (miningweekly.com) – Junior explorer Energia Minerals would raise some A$2.2-million in a one-for-two non-renounceable rights offer.
The company said on Friday that more than 101.3-million shares would be offered to shareholders, at a price of 2.2c each. The company’s directors, with a combined shareholding of 5%, have already indicated that they would take up their entitlements under the rights issue.
MD Kim Robinson said that the rights issue would provide all shareholders with the opportunity to participate in an important capital raising, on attractive terms, to underpin the next evaluation and development of the company’s flagship project.
Proceeds from the capital raising would be used to progress the evaluation and development of the Carley Bore uranium project, in Western Australia, including the completion of the mineral resource upgrade and scoping study for the project, as well as further drilling and a field leach trial.
“The Carnarvon basin continues to emerge as the next significant frontier for uranium development in Western Australia, as evidence by Paladin’s recent announcement that the nearby Manyingee project is scheduled as its next development project,” said Robinson.
“With a targeted cost reduction programme already implemented across all aspects of our business, this rights issue will ensure that Energia is able to implement an active and focused exploration and development programme in 2014 at Carley Bore.”
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