ASX-listed Askari Metals has successfully raised A$1.6-million through a share placement.
Tranche 1 of the placement is made up of 18.1-million shares, while Tranche 2, which is subject to shareholder approval, will comprise 6.5-million shares.
The company will dispatch a notice of a general meeting to shareholders soon.
MD Gino D’Anna plans to participate in Tranche 2 of the placement for A$50 000 worth of shares.
The company says the placement was strongly supported by new and existing shareholders, which supports Askari in further exploring around the Uis lithium project, in Namibia, and developing the Matemanga uranium project, in Tanzania.
Askari’s Uis project is located within 2.5 km of Andrada Mining’s Uis tin/tantalum/lithium mine.
Askari is looking to acquire more uranium projects in Tanzania, as well as develop a spin-out divestment strategy for its Australian exploration portfolio, which contains gold, copper, rare earths and lithium projects.
Meanwhile, Askari seeks to raise a further A$500 000 through a share purchase plan, which will be offered to existing shareholders towards the end of March.