viewPeninsula Energy Ltd

Peninsula Energy secures $940,000 in rights issue

The company can raise up to $2.08 million in total by placing the shortfall from the offer within three months.

Peninsula Energy Ltd - Peninsula Energy's entitlement offer set to raise $2.08 million
Peninsula has received applications from shareholders for 5.69 million new shares

Peninsula Energy Ltd (ASX:PEN) has received applications from shareholders for its 1-for-20 rights issue to raise $940,323.

The maximum number of shares to be issued under the offer is 12.65 million for a value of $2.08 million.

Peninsula may issue the shortfall via a share placement within three months of the offer's closing date.

Funds will be used to advance the company's flagship Lance uranium operations in Wyoming, US.

Final step for authorisation to new uranium recovery method

In December 2019 the company submitted its demonstration Interim Restoration Report (IRR) for the Lance Project to the Wyoming Department of Environmental Quality (WDEQ).

The Lance Project is a uranium mine that is in the process of changing its extraction techniques to low pH in-situ recovery (ISR).

The management team at the time believed that the pre-defined requirements to submit a complete IRR had been met.

The WDEQ review and approval of the IRR marked the final step in the process of gaining authorisation to utilise ISR techniques throughout the project licence area.

Managing director and CEO Wayne Heili said, “Peninsula, through the efforts of Its Lance Project team, continues to deliver on the key steps in the progression of our ambition to be the first uranium project located in the United States utilising the cost-effective and efficient low pH ISR methodology.”

Quick facts: Peninsula Energy Ltd

Price: 0.067 AUD

Market: ASX
Market Cap: $59.1 m

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