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Peninsula Energy shares continue to fly high in 2017

Peninsula Energy (ASX:PEN) shares are trading up over 35% in 2017 and 8% intra-day, which places the company’s intended share purchase plan (SPP) deep in-the-money.
Peninsula Energy shares continue to fly high in 2017
The company intends to finalise and announce the results of the SPP shortly.

During December, the company raised $8.5 million through the placement of shares at $0.50 and will look to raise up to an additional $5 million through a SPP at the same price.

Peninsula last traded at $0.78, a significant premium.

The company intends to finalise and announce the results of the SPP shortly.

Peninsula is producing uranium from the Lance Projects which have a mine life of at least 20 years, underpinned by 53.7 million pounds, the largest uranium ISR JORC-Code compliant resource in North America.

Funds raised from both the placement and planned SPP are being used to roll-out header houses 8, 9 and 10 at the Lance Projects and to strengthen the company’s balance sheet.

While Peninsula is insulated from current uranium prices through its existing long term contracts, there have been positive signs in the market with uranium prices bouncing circa 20% off their November lows.

View full PEN profile

Peninsula Energy Timeline

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