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Peninsula Energy raises $2 million from rights issue and shortfall placement

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

Peninsula Energy Ltd - Peninsula Energy raises $2 million from rights issue and shortfall placement
Peninsula has conducted successful low pH ISR field trials throughout 2019

Peninsula Energy Ltd (ASX:PEN) has completed an entitlement offer by raising $2.088 million at an issue price of 16.5 cents per share.

This includes applications from shareholders for the 1-for-20 rights issue to raise $940,323 and the placement of shortfall shares to raise a further $1.148 million.

Euroz Securities and Canaccord Genuity were the joint lead managers to the entitlement offer.

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

Federal uranium reserve

Peninsula recently shared its support for the FY2021 budget proposal made by US President Donald Trump to allocate US$150 million for the purchase of US mined uranium in order to establish a federal uranium reserve.

The uranium reserve would provide assurance of availability of uranium in the event of a market disruption and in support of strategic US nuclear fuel cycle capabilities.

Peninsula managing director and CEO Wayne Heili recently said: “The company, through its wholly owned Lance Project located in Wyoming, USA, stands ready to provide uranium to help meet the strategic needs of the United States.

“Depending on the price, the initial purchases alone would mean around 2 to 3 million pounds of US mined uranium would be required.

“We eagerly await the release of the full findings of the Nuclear Fuel Working Group and strongly support the related efforts of President Trump’s Administration.”

Quick facts: Peninsula Energy Ltd

Price: 0.115 AUD

ASX:PEN
Market: ASX
Market Cap: $36.23 m
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Full interview: Peninsula Energy files Interim Restoration Report on Lance...

Peninsula Energy (ASX: PEN) CEO Wayne Heili joined Steve Darling from Proactive Vancouver on Skype from Wyoming and their Lance ISR Uranium project. Heili sharing news the company has filed an Interim Restoration Report to the Wyoming Department of Environment Quality. Heili discusses what...

on 8/1/20

2 min read