Elevate Uranium (ASX:EL8) is set to raise AU$25 million via the placement of nearly 77 million shares priced at AU$0.325 apiece, according to a Tuesday filing with the Australian Securities Exchange.
In tranche one, 32.4 million shares will be issued, while the remaining 44.5 million shares will be issued in tranche two, subject to shareholder approval, the filing said.
Proceeds will be used for the next phase of the Koppies uranium project in Namibia, including the construction and operation of the U-pgrade demonstration plant and the start of technical studies, according to the filing.
Discovery Capital Partners, Cumulus Wealth, and Wallabi Group acted as the joint lead managers for the placement.
Elevate Uranium shares fell nearly 4% in afternoon trade Wednesday.
Price (AUD): $0.36, Change: $-0.015, Percent Change: -4.00%
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