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Eve Investments Ltd

Energy Ventures to progress US uranium assessment following $1.6 million raising

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Energy Ventures (ASX: EVE) has completed a $1.6 million non-renounceable rights issue, with funds to go towards the ongoing technical assessment of the company’s Aurora uranium deposit in Oregon, U.S.

The raising, which was underwritten up to $750,000, closed on March 7.

In January, Energy Ventures released the initial metallurgical results for the Aurora project, showing the potential for efficient removal of internal waste through scrubbing and screening, with minimal uranium loss.

This allows for the mineralisation to be bulk mined and upgraded prior to leaching.

Aurora hosts a near surface, flat lying zone of mineralisation, amenable to open pit mining, with a JORC Resource of 38 million pounds of uranium equivalent.

The rights issue offered one new share for every seven and a half shares held, at a price of $0.035 each.

Of the 45 million shares on offer, 36.6 million were taken up for consideration of about $1.28 million. The remaining 8.5 million shares have been placed to clients of underwriter Blackswan Equities.

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Market: ASX
Market Cap: $10.02 m
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