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Peninsula Energy confirms strong director support for $40.3 million entitlement offer

The entitlement offer has allowed Peninsula to repay its existing debt in full, leaving the company cashed-up and in a strong position to pursue its uranium production re-start strategy in the US.

Peninsula Energy Ltd - Peninsula Energy confirms strong director support for $40.3 million entitlement offer
Managing Director Wayne Heili took up his full entitlement under the offer

Peninsula Energy Ltd (ASX:PEN) directors have acquired shares in the company via their participation in the recently completed $40.3 million entitlement offer.

Managing Director Wayne Heili acquired 1,290,476 shares, finance director/CFO David Coyne acquired 280,000 shares, non-executive chairman John Harrison added 37,800 shares and non-executive director Mark Wheatley bought 232,281 shares.

The newly acquired shares of Heili and Coyne also includes the vesting of previously approved Restricted Share Units and unlisted options to them.

Uranium production re-start strategy

The entitlement offer has allowed Peninsula to repay its existing term debt in full (principal amount of US$16.821 million (~$24.7 million) leaving the company cashed-up and in a strong position to pursue its uranium production re-start strategy in the US.

Early preparation activities for the planned transition to low pH operations include deep disposal well modifications, process plant modifications and wellfield conversion.

Quick facts: Peninsula Energy Ltd

Price: 0.069 AUD

ASX:PEN
Market: ASX
Market Cap: $60.87 m
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