A share purchase plan (SPP) will be offered to eligible shareholders to raise up to a maximum of
Net proceeds will be used to settle the purchase of 300,000 pounds of natural uranium concentrates (U3O8) concentrates at a price of
Settlement is due in
'Physical uranium provides upside'
Peninsula's board believes the acquisition of physical uranium is strategically aligned with preparations for the company's flagship
The acquired uranium inventory may ultimately provide a source of funding for the restart of operations at Lance following a final investment decision.
Peninsula managing director and CEO
'Adding physical uranium to our balance sheet provides significant flexibilities and potential upside as we move towards the restart of operations.
'Importantly, holding uncommitted uranium inventories at a time when there is a strong and continued push by the United States Government to support nuclear power generation and the domestic production of critical minerals like uranium, enhances our ability to successfully participate in expanding market opportunities.'
Long-term outlook
A working inventory of uranium also creates flexibility in securing the supplementary offtake arrangements required for a restart and efficiencies in managing the company's current long-term sales contract book.
Peninsula is already in a unique position for a uranium junior with long-term sales contracts extending until 2030 at prices significantly above current levels.
Uranium purchase agreements have already been arranged to provide material for the earlier of the existing sales commitments.
The company forecasts realising a net cash margin of
Placement details
The company will issue a total of 89,335,163 fully paid ordinary shares (10% of current issued capital) at an issue price of
Placement shares are expected to be issued on or around
The issue price represents a discount of 19% to the last closing price on
Share purchase plan details
The SPP is expected to be open to eligible
Eligible holders will be invited to invest up to a maximum of
The proceeds from the SPP will be used for corporate purposes and working capital.
Contact:
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