Lotus receives firm commitments to raise A$130m to support Kayalekera restart
ASX-listed Lotus Resources has received firm commitments for a non-underwritten two-tranche placement to raise A$130-million, or $87-million, at A$0.25 a share to support the accelerated restart of its Kayelekera uranium project, in Malawi.
“This is a terrific outcome for Lotus and we are grateful for the support of our existing shareholders and the very strong interest and participation from new shareholders, including many international investors. We look forward to advancing Kayelekera and delivering on our vision of becoming the next global uranium producer in 2025,” says CEO Greg Bittar.
The placement will see the company issuing about 520-million new shares.
Earlier this month, the company published an accelerated restart plan for Kayelekera project, following the completion of front-end engineering design. As part of the plan, the time to first uranium production had been reduced from about 15 months to between eight and ten months by phasing in the completion of nonessential site infrastructure, such as grid power and an acid plant rebuild, beyond first production.
The accelerated restart plan reduces the initial restart capital through a phased approach by focusing on capital items essential to the restart, with the remaining capital expenditure (capex) continuing off the critical path to optimise operations and cost structure.
As a result, the initial restart capex to first uranium production had been reduced to $50-million from $88-million previously.
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