PERTH (miningweekly.com) – Uranium explorer 92 Energy (92E) will raise A$8.7-million in a share placement to fund exploration work at its Gemini project, in Saskatchewan.
The ASX-listed company on Tuesday said that it would issue more than 11.15-million new shares, qualifying as flow-through shares under Canadian tax law, at a price of 78c each.
The placement price represented a 22% premium to 92E’s last closing price.
"We are delighted to announce the placement of flow-through shares at a 22% premium to the last closing price. We look forward to welcoming additional institutional, sophisticated and professional investors to our register and would like to thank the Canadian government for offering the flow-through share regime, which allows companies with Canadian assets to raise significantly more money than would otherwise be available,” said 92E MD Siobhan Lancaster.
“The fact that uranium is now considered a "critical mineral" by the Canadian government and therefore attracts an even larger flow-through premium confirms the importance of uranium and nuclear as an avenue for governments to meet their decarbonisation and energy security goals.
“We are excited that drilling has now commenced at the Gemini project. As previously announced, the initial plan is to drill up to 6 000 m, with the aim to expand the footprint of the Gemini mineralised zone and carry out other high priority exploration drilling on the highly prospective Gemini property.”