- Alligator Energy (AGE) successfully raises $10.7 million in extra funds through a share placement for its Samphire Uranium Project
- This includes planning resource drilling at Samphire later this year as the energy stock works to upgrade the South Australian asset’s resource
- The funds will also go towards AGE’s Nabarlek North Project which lies within Alligator Rivers Uranium Province in the Northern Territory
- Under its placement, the company offered investors new shares at 2.7 cents each, with more than 400 million shares issued
- AGE shares are up 3.57 per cent at 2.9 cents per share at the close of market on Tuesday, August 10
Alligator Energy (AGE) has successfully raised $10.7 million in extra funds for its Samphire Uranium Project through a share placement.
AGE announced the completion of the placement on Tuesday, stating the funds will also go towards its Nabarlek North Project.
Under the share placement, the company offered investors new shares at 2.7 cents each, with more than 400 million shares issued altogether.
Following the completion of the offer, Alligator’s CEO Greg Hall thanked investors for their support.
“I thank our new investors and ongoing shareholders for the financing support allowing us to fast-track and extend our resource development and exploration
programs going forward,” Mr Hall said.
“Alligator can now aim to advance the Samphire Project through scoping and into feasibility work in an improving uranium market.”
AGE will use part of the extra cash to fund the planning of resource drilling at Blackbush — a deposit which lies within Samphire in South Australia.
The drilling is expected to occur before October this year, while AGE has hired AMC Consultants to provide technical guidance for its planned resource upgrade.
The company has also engaged a contractor to carry out an IP survey at Nabarlek, the project at Alligator Rivers Uranium Province in the Northern Territory.
Depending on the results from the survey, AGE said it may carry out more drilling at the asset later this year.
Alligator Energy shares have ended today’s trading session up 3.57 per cent at 2.9 cents per share.