PERTH (miningweekly.com) – Junior Kapore Metals will raise A$3-million to fund exploration and development of its Agadez uranium project, in Niger.
The ASX-listed company on Friday announced that it had received firm commitments for the placement of 90.9-million shares, priced at 3.3c a share. More than 83.5-million of the shares will be placed under Kapore’s existing placement capacity, while the placement of the remaining 1.5-million shares will be subject to shareholder approval.
“We are extremely pleased with the response to the placement with firm commitments to raise a total of A$3-million before costs. In particular, we are delighted to have Kevin Bambrough supporting the placement as a cornerstone investor, and we also welcome other new domestic and global investors to the register,” said Kapore MD Caroline Keats.
“With the exploration program due to commence in early June 2022 with a 5 500 m drilling program at Agadez, we expect consistent news-flow over the coming months, as we continue to unlock the value of the Agadez project for our shareholders.”
The Agadez project is made of three exploration permits covering 726 km2, as well as an exploration application. The tenements were previously held by uranium miner Paladin Energy, which had acquired the project for $27-million.