Greenvale raises A$1.8m to fast-track Australian uranium exploration
ASX-listed Greenvale Energy has successfully raised A$1.8-million through a share placement to fund upcoming exploration across its Australian uranium portfolio.
The placement was well supported by new and existing shareholders by way of a fixed-price offering at A$0.048 a share, representing a 21.2% discount to the five-day volume-weighted average price and a 18.6% discount to last close of A$0.059 on March 19, and will result in the issue of about 37.5-million new ordinary shares.
The proceeds, together with existing cash reserves, will allow Greenvale to fast-track its maiden exploration programme at the recently acquired high-grade Oasis uranium project in Queensland, where it is aiming to start drilling in April 2025, subject to weather conditions.
The company is also planning to advance the next phase of exploration across its portfolio of sandstone-hosted and unconformity-hosted uranium projects in the Pine Creek mineral field of the Northern Territory, including radiometric surveys and air-core drilling.
The proceeds will also be used to complete the current test programme six and upcoming test programme seven at the Alpha torbanite project, with a view to establishing a commercial development pathway for the project, and for general working capital purposes.
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