PERTH (miningweekly.com) – ASX-listed DevEx Resources will raise A$17.2-million to expand drilling at its Nabarlek uranium project, in the Northern Territory.
The company on Wednesday reported that it had received firm commitments for the two-tranche placement, with the first tranche consisting of 44.1-million shared, priced at 34c each, to raise an initial A$15-million under the company’s existing placement capacity.
The second tranche of 6.5-million shares, to raise a further A$2.2-million, will be subject to shareholder approval at a general meeting scheduled for early October.
The issue price represented a 17.1% discount to DevEx’s last closing price on August 15, and a 14.3% discount to the five-day volume weighted average share price.
“With an exciting start to our drilling campaign at Nabarlek, this placement provides DevEx with the balance sheet to build exploration momentum at Nabarlek, alongside aggressive exploration campaigns at both the Junee and Sovereign projects,” said MD Brendan Bradley.
“We have the opportunity for company-changing discoveries at each of these projects, and I would like to thank all investors who participated in the placement.”
Following completion of the raise, DevEx will have a cash balance of A$23-million, putting it in a strong position to accelerate its 2022 drilling programme at Nabarlek as well as undertake follow-up exploration at the Junee copper/gold project in New South Wales and the Sovereign nickel/copper/platinum group element project in Western Australia.