Global Uranium and Enrichment (ASX:GUE) is set to raise AU$1.8 million, before costs, via the placing of around 29 million shares priced AU$0.062 apiece, according to a Friday filing with the Australian bourse.

The placement will be issued under its available capacity under the bourse's listing rules. The settlement of the placement is expected to occur on Jan. 23, the filing said.

Proceeds will be used for due diligence on complementary uranium assets, staking of new claims, annual payments on current projects, and general working capital, the filing added.

Canaccord Genuity was the lead manager for the capital raise.

The firm's shares fell 3% in early trading on Friday.