PERTH (miningweekly.com) – Uranium hopeful Marenica Energy is hoping to raise A$5.4-million through a share placement and share purchase plan (SPP) to fund exploration work on its tenements in Namibia and Australia.
The junior on Wednesday said that it would place more than 29.5-million shares, at a price of 8.8c each in two tranches.
The first tranche placement will raise some A$2.25-million under the company’s existing placement capacity, while the second tranche placement to raise an additional A$350 000, will be subject to shareholder approval.
The share placement is supported by a recently completed SPP, which raised A$2.8-million.
“We appreciate the support of shareholders in the SPP and from new and existing investors in the placement, which combined raised A$5.4-million before cost. This capital raising provides Marenica with a very strong funding position to increase exploration activities on its extensive uranium tenement package in Namibia and on activities to add significant value to our Australian uranium assets,” said Marenica MD Murray Hill.
“These activities can be undertaken with the knowledge that the company is fully funded to undertake the proposed activities for at least the next 18 months,” he added.