Noronex Limited has completed a strategic placement to raise N$12.9 million through the issue of 53.6 million fully paid ordinary shares at N$0.24 per share.
The funds will be used to advance the first stage of drilling at the Etango North Uranium Project in Namibia, pursue business development opportunities, and cover general corporate costs.
“We are delighted to welcome three new strategic investors. The proceeds of this placement will allow us to drill test multiple evolving uranium targets at Etango North, alongside our ongoing 7,000-metre programme in Namibia and the planned 3,000-metre reverse circulation programme in Botswana next month,” said Noronex Managing Director and CEO, Victor Rajasooriar.
He explained that the placement was designed to attract investors who share the company’s long-term outlook and commitment to value creation.
The placement brought three new shareholders onto the company’s register for the first time.
“We welcome the new shareholders to the Noronex register and look forward to delivering a successful drilling programme over the next 12 months. The additional funding gives us the capability to deliver two exploration news-flow streams from both copper and uranium exploration,” Rajasooriar said.
Noronex confirmed that all its copper exploration activities in the Kalahari Copper Belt remain fully funded by South32 under existing earn-in agreements, which will see approximately N$69.2 million invested in exploration through the 2026 financial year.
“This capital raise was structured to attract investors who share our view of Noronex as a deep value opportunity, given the size and quality of our ground position in the Kalahari Copper Belt and the unique strengths of our strategic alliance with South32,” Rajasooriar added.
Noronex is an ASX-listed copper explorer with advanced projects in the Kalahari Copper Belt, spanning Namibia and Botswana, as well as projects in Ontario, Canada.
The company also has exposure to a uranium tenement in the centre of Namibia’s hard rock uranium district.
The Etango North licence (EPL 6776) is a joint venture with a local Namibian partner, under which Noronex can earn up to an 80% interest, with the company acting as manager and operator of the JV.
