Peninsula Energy to be largest US-based end-to-end uranium producer
November 22, 2023 at 03:33 pm EST
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Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) CEO Wayne Heili speaks with Proactive soon after announcing the company has secured binding commitments to raise A$50 million via a placement to global institutional and sophisticated investors to fund continuing construction works and wellfield development to restart uranium production at the Lance Project in Wyoming, USA. In addition, the company is also undertaking a security purchase plan (SPP) to raise up to A$10 million, providing existing eligible shareholders the opportunity to participate in the capital raising on the same terms as the placement.
“We are pleased to receive such significant support from many existing and new, high-quality institutional and sophisticated investors, providing us with a large amount of equity to allow completion of plant construction and commencement of commercial production at Lance in late 2024,” Heili said.
“Following the successful completion of the equity raising, Peninsula will be well capitalised to continue works at the Lance Project and deliver on the timeline to production restart."
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Proactive Investors
Jonathan Jackson
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Jonathan@proactiveinvestors.com
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Peninsula Energy Limited is an Australia-based uranium mining company. The Company operates through three segments: Lance Projects, Wyoming USA; Karoo Projects, South Africa; and Corporate/Other. The Company owns the Lance Uranium Projects in Wyoming, United States. The Lance Projects is the United States-based uranium project authorized to use the industry low pH in-situ recovery process. Lance holds a defined JORC (2012) Compliant uranium mineral resource of 53.6 million pounds U3O8. The JORC-compliant Resource Estimate for the Lance Projects is 53.6Mlbs, calculated by applying a combined constraint of a GT of 0.2 contour and 200ppm eU3O8.