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Home Uranium

Elevate Uranium secures N$295m to advance Koppies project

editor by editor
October 22, 2024
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Elevate Uranium Ltd says it has received binding commitments for a N$295 million (AU$25 million) institutional placement, issuing fully paid ordinary shares at AU$0.325 per share.

The placement, managed by Discovery Capital Partners, Cumulus Wealth, and Wallabi Group, will provide crucial funding to advance the company’s Koppies Uranium Project in Namibia and support the development of its innovative U-pgrade™ technology.

The Koppies Uranium Project holds significant promise, with the potential to become a major uranium producer in Namibia.

The additional funding will enable Elevate Uranium to accelerate exploration and development activities, bringing the project closer to commercialisation.

The placement attracted significant institutional backing, with Paradice Investment Management Pty Ltd set to acquire a 9.9% stake in the company.

Elevate Uranium Managing Director, Murray Hill, stated that strong demand for the AU$25 million placement reflects support for the company’s strategy, allowing it to advance the Koppies Uranium Project in Namibia.

“Our priority is the development of our Koppies Uranium Project, with a key milestone being the construction and operation of a U-pgrade™ demonstration plant to validate the capital and operating costs of the process continuously and at scale,” he said.

Hill expressed confidence in the value U-pgrade™ to deliver to the project and looks forward to presenting the benefits to our shareholders in further development and technical studies.

“We are also continuing exploration of our other projects in Namibia and Australia, with approximately 100,000m of drilling planned.  In an increasingly buoyant uranium price environment, we are excited about the next phase for the Company and look forward to sharing our future progress with new and existing Elevate Uranium shareholders,” he said.

The placement of new shares will take place in two tranches. Tranche 1 will see 32,444,977 shares issued to raise approximately AU$10.5 million under ASX Listing Rules 7.1 and 7.1A, with settlement expected by 30 October 2024. 

Tranche 2 will involve issuing 44,478,100 shares to raise approximately AU$14.5 million, subject to shareholder approval at the upcoming General Meeting.

Elevate Uranium’s Directors, Murray Hill and Andrew Bantock, have committed to participating in the placement. Pending shareholder approval, 246,155 shares will be issued to them.

The issue price for the new shares is AU$0.325 per share, reflecting a 14.5% discount to the last closing price of AU$0.38 on 18 October 2024. 

The shares will rank equally with existing shares, and following the completion of both tranches, the total number of shares on issue will increase to 385,615,812.

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