Global Uranium and Enrichment (ASX:GUE) received binding commitments for a AU$10 million placement to institutional and sophisticated investors and it will use the proceeds to acquire a stake in the Pine Ridge ISR uranium project in Wyoming, according to a Thursday Australian bourse filing.
It proposed the issuance of 153.8 million new fully paid ordinary shares at AU$0.065 apiece, subject to shareholder approval. It is expected to settle on April 17.
Global Uranium and NASDAQ-listed Snow Lake executed a joint venture agreement for the acquisition of 100% of the project from Stakeholder Energy.
Snow Lake will invest AU$5.8 million in the placement and acquire a 19.9% stake in the firm upon completion. The Chief Executive of Snow Lake, Frank Wheatley, will join Global Uranium's board as a non-executive director.
The placement is also conditional upon Snow Lake completing due diligence on the mining firm and its assets before April 2.
Snow Lake will also be issued 14 million options exercisable at AU$0.13 per option expiring three years from the date of issue, subject to shareholder approval.
Canaccord Genuity (Australia) will act as the lead manager for the capital raise.
Its shares fell 4% in recent trading on Thursday.
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