Highlights
- Elevate Uranium receives binding commitments to raise $25 million (before costs) through a placement at $0.35 per share.
- The Placement was strongly supported by high-quality domestic and offshore institutional investors, both new and existing, validating the Company’s strategy and outlook.
- Pro-forma cash position increased to c.$43.9 million (before costs) providing a robust balance sheet to fund multi-year work programs and accelerate key development milestones.
- Proceeds are directly allocated to accelerate and expand the U-pgrade™ pilot plant program, fund resource definition and expansion drilling across Namibia and Australia, advance key technical studies, and pursue accretive M&A growth.
ASX-listed Elevate Uranium has received binding commitments for placement of 71,428,572 fully paid ordinary shares (new shares) at $0.35 per New Share to raise $25 million (before costs).
The placement attracted significant demand from both existing shareholders and new high-quality domestic and offshore institutional investors. The company is pleased to welcome these new shareholders and views this strong support as a clear endorsement of Elevate Uranium’s strategy and growth plan.
Elevate Uranium Managing Director, Murray Hill, commented:
“We are extremely pleased with the strong support from new and existing shareholders, which we see as a clear endorsement of our strategy. This $25 million strengthens our cash position significantly, allowing us to simultaneously accelerate our proprietary U-pgrade™ pilot plant while launching major resource growth drilling programs across Namibia and Australia. We will also target strategic, opportunistic and accretive M&A growth. With a strong uranium market thematic, a strong balance sheet, and a unique, low-cost processing technology, Elevate Uranium is incredibly well positioned to execute these critical work streams and deliver significant value for our shareholders.”
