PERTH (miningweekly.com) – Uranium junior Deep Yellow has raised A$9-million through a share placement, which will be used to fund the company’s growth strategy.
The company issued more than 29-million shares, at a price of 31c each, under its placement capacity.
Deep Yellow MD and CEO John Borshoff said on Tuesday that the capital raise was an important moment in the development of the company.
“Our consistent, differentiating strategy for growth, at a time when the uranium sector is in a downturn, has resonated, attracting quality institutional and long-term investors. The support has been most heartening, strengthening the company’s share register for its next stage of growth as we build on our stated objectives.”
The funds raised will be used to fund short-term working capital requirements, including expanding the existing uranium resource base in Namibia, and evaluating the best approach to advance the project acquisition growth strategy to take advantage of the current uranium downturn.