Lotus Resources (ASX:LOT) is seeking to raise up to AU$125 million to fund the accelerated restart of the Kayelekera uranium project in Malawi.

The company launched a two-tranche placement of about 440 million ordinary shares to raise up to AU$110 million, according to a Tuesday filing with the Australian bourse. Following placement completion, Lotus Resources will undertake a share purchase plan to raise up to AU$15 million.

Both placement and share purchase plan are not underwritten and are priced at AU$0.25 per share, which represents a 15.7% discount to the five-day volume weighted average price.

Macquarie Capital (Australia) and Jett Capital Advisors are acting as joint lead managers for the placement.