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
+61 413 713 744
Jonathan@proactiveinvestors.com
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Peninsula Energy Limited is an Australia-based uranium mining company. The Company owns the Lance Project (Lance) and Dagger Project. The Lance Project is located in Wyoming, United States of America, operated through its 100% owned subsidiary, Strata Energy Inc (Strata). The Lance Projects comprise the Ross Production Project Area, Kendrick Development Project Area and Barber Exploration Area. The Lance Projects are located in Crook County, in northeastern Wyoming, approximately 31 miles east-northeast of the town of Gillette and extend over a strike length of 37 kilometers (kms) to the north, and over a strike width of eight km. It holds mineral rights and surface access rights over a non-contiguous north-south distance of about 50 km. It has mineral rights over 34,068 acres and surface access rights over land holdings 8,426 acres. The Dagger Project in Crook County, Wyoming lies within the North Black Hills district in the northeast corner of the state.