Further proceeds of $2.5 million have been received by US uranium explorer, Peninsula Minerals (ASX: PEN) after a shortfall placement of recent rights issue entitlements.
A total of 91,709,630 ordinary shares (with 1 for 4 attaching options) have been placed with clients of Hartleys resulting from the shortfall from the recent 1 for 6 non-renounceable rights issue in May 2009.
Total funds raised by Peninsula amounted to $11.1 million from the rights issue and shortfall placement.
Funds received will be applied to confirmation, expansion and JORC compliant resource definition drilling at the Ross and Barber project areas at the Lance Projects in Wyoming, USA.
The medium term objective is to progress the Lance projects towards a bankable feasibility study. The funds will enable various ongoing studies to be completed as part of the progression to BFS.
Executive Chairman Gus Simpson said funds raised were a reflection of the quality of the Company’s uranium projects in Wyoming and South Africa.
On the US uranium operations, Simpson stated, “I have just returned from Wyoming and I am pleased to inform shareholders that we have brought forward the drilling programme to commence on 20 July. In addition, we have established our office and appointed a permanent US manager and support team in Wyoming. We are now in a position to advance the Lance uranium projects towards feasibility and ultimately development”.
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