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Peninsula Energy gives shareholders more time and extends rights issue

Eligible shareholders can apply for 1 new share priced at 16.5 cents for every 20 shares they own at the record date.

Peninsula Energy Ltd - Peninsula Energy gives shareholders more time and extends rights issue
Peninsula produces uranium from its Lance Projects in the US

Peninsula Energy Ltd (ASX:PEN) has extended the closing date for its 1-for20 rights issue to 5.00pm AEST Thursday, 16 January 2019.

The offer allows existing eligible shareholders to apply for additional shares in the company at an issue price of 16.5 cents.

The results of the rights issue will be detailed on 21 January 2020.

Proceeds go towards flagship Lance Projects

Proceeds from both the rights issue and recent $7 million placement will be used for:

  • ongoing site operating costs at the Lance Projects, including retention of key staff;
  • payment for purchases of uranium for delivery to customers under existing term contracts;
  • low pH de-risking and optimisation activities at the Lance Projects;
  • convertible note debt servicing; and
  • general working capital purposes.

Quick facts: Peninsula Energy Ltd

Price: 0.16 AUD

ASX:PEN
Market: ASX
Market Cap: $48.19 m
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