The SPP increase came after the company received more than 1,340 applications from eligible shareholders for a total of $15.02 million.
With shares trading at $0.62, the offer was in-the-money as eligible shareholders were able to subscribe for up to $15,000 worth of shares priced at $0.50.
In line with Peninsula’s debt reduction drive, additional proceeds from the SPP will be used to repay all debt drawn on the Investec revolving loan facility.
Gus Simpson, managing director, commented: “In light of the significant SPP demand, the board felt it appropriate to maximise shareholder participation by keeping the scale back to a minimum.”
Peninsula is producing uranium from the Lance Projects in the U.S. state of Wyoming.
The Lance Projects have a mine life of at least 20 years, underpinned by 53.7 million pounds of uranium, the largest uranium ISR JORC-Code compliant resource in North America.
Production for the 6 months ended 31 December 2016 was 84,000 pounds uranium.
Multiple headers houses are used to extract uranium and Stage 1 steady state production will see up to seven header houses in simultaneous operation.
Funding from the recent capital raisings will be used for the construction and roll-out of additional header houses (header houses #8 to #10) at the Lance Projects.