- Uranium explorer 92 Energy (92E) is raising $2.2 million to continue exploration at the Gemini project in Canada
- The company is issuing 4.47 million shares through a placement at 50 cents per share, which represents a 9 per cent premium to 92E’s last closing price
- The energy stock will use the funds to progress its GMZ uranium discovery and the Gemini Extension Zone within the wider Gemini project area
- 92E shares are up 3.3 per cent to trade at 47 cents at 12:16 pm AEDT
Uranium explorer 92 Energy (92E) is looking to raise $2.2 million through an institutional share placement.
The company will issue 4.47 million new shares at 50 cents per share to raise the funds, representing a 9 per cent premium to its last closing price on November 29 and a 6 per cent premium to its five-day volume-weighted average price.
92 Energy will use the fresh funds to progress exploration at its Gemini project in Canada. It will particularly focus on the GMZ uranium discovery and along-strike to the north at the Gemini Extension Zone (GMX).
“This placement gives us sufficient runway to carry out our planned exploration activities as we continue to build a quality share register,” 92E Managing Director Siobhan Lancaster said.
“We look forward to the upcoming results from our recently-completed geophysical surveys at the GMZ and GMX,” Ms Lancaster added.
92 Energy will use the survey results to plan a drilling program for 2023 to potentially expand the GMZ discovery and identify new zones of uranium along-strike to the north.
The company expects the placement will settle on December 8.
92E shares were up 3.3 per cent to trade at 47 cents at 12:16 pm AEDT.