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Mile 72 Calcrete. Source: Elevate Uranium
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  • Elevate Uranium (EL8) secures support from shareholders to raise $11.5 million to accelerate its growth strategy
  • Through a single tranche placement 25.5 million shares will be issued at 45 cents each, an 11.8 per cent discount to Elevate’s last closing price on November 22
  • Following the raise, the company’s cash balance will be boosted to $17.6 million, enabling it to speed up activities across its projects in Namibia and Australia
  • According to Managing Director Murray Hill, this round of funding places Elevate Uranium in the strongest financial position in the company’s history
  • Shares resumed trade today and are trading down at 2.94 per cent at 49.5 cents

Elevate Uranium (EL8) has secured support from shareholders to raise $11.5 million to accelerate its growth strategy.

Through a single tranche placement, the company will issue over 25.5 million shares at 45 cents each. The issue price represents an 11.8 per cent discount to Elevate’s last closing price on November 22.

Following the raise, the company’s cash balance will be boosted to $17.6 million, enabling an increase to the pace of activities across its projects in Namibia and Australia.

In particular, Elevate is planning to undertake resource definition drilling at the Koppies project in Namibia, with the aim of delineating a maiden JORC resource, metallurgical test work program and feasibility study.

Success based exploration programs are also scheduled, to focus on the most prospective uranium mineralisation targets across the company’s whole Namibian exploration portfolio.

At its Australian uranium exploration projects, EL8 aims to assess project economics, conduct resource drilling and additional exploration.

The funds will also go towards corporate costs and general working capital.

Elevate said the placement was strongly supported which according to Managing Director Murray Hill represents a strong endorsement of the company and its strategy.

“This round of funding places Elevate Uranium in the strongest financial position in the company’s history and we look forward to aggressively exploring our projects in Namibia and Australia, with the aim of continuing to deliver shareholder value.”

“In what we believe to be an increasingly buoyant uranium price environment, we look forward to updating the market as results materialise across our geographically diverse tenement portfolio.”

The placement shares are expected to settle on or around Tuesday, November 30.

Company shares resumed trade today and were trading 2.94 per cent down at 49.5 cents at 2:39 pm AEDT.

EL8 by the numbers
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