Uranium development company Aura Energy has raised an aggregate of about A$475 000, before expenses, through the issue of ordinary shares through a placing and subscription.
The company is also issuing one share option for every two new shares issued.
Aura will use the net proceeds of the fundraising for working capital purposes.
Aura executive chairperson Peter Reev on Wednesday said the company had four distinct activities progressing steadily despite the tough conditions in the market.
He elaborated that the definitive feasibility study for the Tiris uranium project, in Mauritania, remained poised for execution.
Moreover, a scoping study has been completed on the undeveloped Häggån vanadium and battery metals project in central Sweden.
Also, he noted that the company’s gold assets were attracting good corporate interest and that the compensation action in Sweden was progressing well.
“These all impute strong value within the company and these funds will allow progression of some of these areas to the next stage.”