Uranium exploration and development company IsoEnergy has completed its previously announced marketed private placement of subscriptions, raising gross proceeds of $36.6-million.
The company issued 8.13-million subscription receipts at $4.50 each in an offering that was supported by cornerstone investors NexGen Energy, Mega Uranium and Energy Fuels. An upsized offering was led by Sachem Cove Partners.
IsoEnergy will use the proceeds of the offering for exploration and development of its uranium assets, which are located in the Athabasca basin in Saskatchewan, Canada.
In 2018, IsoEnergy discovered the high-grade Hurricane deposit on its 100%-owned Larocque East property. The deposit has indicated mineral resources of 48.61-million pounds of uranium oxide (U3O8), based on 63 800 t grading 34.5% U3O8 and inferred mineral resources of 2.66-million pounds, based on 54 300 t grading 2.2% U3O8.