Elevate Uranium Ltd (ASX: EL8) (“Elevate” or “the Company”) is pleased to announce that it has received binding commitments for a single tranche placement to raise $11.5 million (before costs) at $0.45 per share, utilising its placement capacity under ASX Listing Rule 7.1 (“Placement”). The Placement introduced a number of new, high quality institutional, sophisticated …

Elevate Uranium Ltd (ASX: EL8) (“Elevate” or “the Company”) is pleased to announce that it has received binding commitments for a single tranche placement to raise $11.5 million (before costs) at $0.45 per share, utilising its placement capacity under ASX Listing Rule 7.1 (“Placement”). The Placement introduced a number of new, high quality institutional, sophisticated and professional investors, whilst also being well supported by existing significant shareholders of the Company.


KEY HIGHLIGHTS

  • Elevate receives binding commitments to raise $11.5 million (before costs) through a strongly supported Placement at $0.45 per share
  • The Placement received strong support from domestic and offshore institutional, sophisticated and professional investors
  • Post raising, Elevate will be funded to deliver an accelerated growth strategy across its Namibian and Australian uranium portfolio, including resource definition drilling, high impact regional exploration programs and technical studies
  • Upon completion of the Placement, Elevate will be well positioned with a cash balance of c.$17.6M (before costs)1
  • Near-term news-flow is expected from ongoing drilling and the anticipated delivery of a maiden JORC 2012 Mineral Resource at Koppies targeted for early 2022

Elevate Uranium Managing Director, Murray Hill, commented:

“Demand for the Placement was overwhelming, representing a strong endorsement of the Company and its strategy. We are pleased to welcome a number of new prominent institutional shareholders to the share register and we would also like to thank existing shareholders for their ongoing support of the Company. 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.”

Click here for the full ASX Release

This article includes content from Elevate Uranium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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