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92 Energy (ASX:92E) - CEO, Siobhan Lancaster
CEO, Siobhan Lancaster
Source: 92 Energy
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  • 92 Energy (92E) receives firm commitments to raise $7.15 million via a share placement to fund follow-up work at the Gemini Project in Canada
  • The company will issue more than 9.92 million new fully paid ordinary shares at 72 cents each to institutional, sophisticated and professional investors
  • Proceeds will fund drilling at the Gemini Mineralised Zone where uranium was recently discovered and will be used as general working capital
  • Shares are down 5.23 per cent at 72.5 cents at 12:28 am AEST

Canada-focused uranium explorer 92 Energy (92E) has received firm commitments to raise $7.15 million via a share placement.

After announcing its intentions to raise capital last week, the company has revealed it will issue more than 9.92 million new fully paid ordinary shares at 72 cents each to institutional, sophisticated and professional investors.

This issue price represents a 5.9 per cent discount to the last close price on September 23 and 6.1 per cent discount to the 15-day volume-weighted average price at the same date.

Proceeds from the placement will provide significant funding to progress exploration activities at the Gemini Project in the Athabasca Basin, where a new zone of uranium was recently discovered.

Specifically, the funds will go towards a major drilling program to follow up the discovery at the Gemini Mineralised Zone.

The money will also be used for exploration activities at 92E’s other projects in the region and as general working capital.

The company’s managing director Siobhan Lancaster said the successful placement would enable the introduction of a number of domestic and offshore institutional investors to 92E’s register.

“This placement represents a significant milestone for the company and provides important external validation for the recent discovery of uranium mineralisation at the company’s 100-per-cent-owned Gemini Project in the Athabasca Basin,” she said.

“On behalf of the board, I would like to thank our existing shareholders for their ongoing support and welcome new investors to 92 Energy.

“We look forward to the upcoming drilling program at Gemini which will assist us to determine the extent of the uranium mineralisation at the Gemini Mineralised Zone.”

Settlement of the placement is expected to occur on October 5.

After entering a trading halt on September 24, 92E resumed trading on the ASX today. Shares are down 5.23 per cent at 72.5 cents at 12:28 am AEST.

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