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UraniumSA raising funds for uranium, titanium, iron, phosphate exploration


UraniumSA (ASX:USA) should trade higher today after arranging a capital raising to a sophisticated investor to raise $300,000.

The placement involves the issue of 15 million shares at $0.02, and 5 million unlisted options for no consideration.

The options will have an exercise price of $0.06 and an expiry of 24 months from the date of issue.

Funds raised will assist financing exploration on its flagship Blackbush uranium deposit, Wigetty titanium-iron-phosphate project, and Stock Dam magnetite prospect.

USA recently completed drilling at its Samphire project on the Eyre Peninsula in South Australia, close to its flagship Blackbush uranium deposit, and is awaiting assay results.

Drilling tested Stock Dam, the Dragon uranium prospect, and the Cowleds IOCGU prospect.

USA also recently estimated a maiden Exploration Target of 230 million tonnes ilmenite-magnetite-apatite mineralisation at its nearby Muckanippie Project, and is capitalised at around $3 million.


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