PERTH (miningweekly.com) – Uranium explorer Okapi Resources has completed a A$5.1-million capital raise.
The company placed 34.2-million shares, at a price of 15c each, to new and existing institutional and sophisticated investors. The first tranche of 17.4-million will be issued under the company’s existing placement capacity, while the second tranche of 16.7-million shares will be issued subject to shareholder approval.
The first tranche of the placement will be settled on February 27.
Okapi on Monday told shareholders that proceeds from the first tranche of the placement, along with existing cash reserves, would be used to fund an investment in private Australian company Ubaryon, following a January agreement under which Okapi would acquire a 19.9% stake in the company, which is developing a novel uranium enrichment technology.
Proceeds from the second tranche of the placement will be used to advance Okapi’s uranium assets in North America, where drilling is planned.