{"id":10326,"date":"2024-05-30T04:46:04","date_gmt":"2024-05-30T04:46:04","guid":{"rendered":"https:\/\/economicherald.net\/?p=10326"},"modified":"2024-05-30T04:46:04","modified_gmt":"2024-05-30T04:46:04","slug":"cashed-up-aura-energy-targets-uranium-development","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10326","title":{"rendered":"Cashed up Aura Energy targets uranium development"},"content":{"rendered":"<p>African and European-focused uranium hunter Aura Energy has raked in a further $2m in funding<br \/>\nThis adds to recent pro-investor placement funding of $16.2m<br \/>\nFunds will largely go towards developing the company\u2019s Tiris uranium mining project in Mauritania<\/p>\n<p>\u00a0\u00a0<\/p>\n<p><strong><em>Special Report: <\/em>Cashed-up uranium and polymetallic explorer Aura Energy (ASX:AEE) brings in another $2 million to put towards its big African uranium project. <\/strong><\/p>\n<p>A successful $2m capital raise will add to an already extremely large pool of recent fresh funding for Aura Energy, which has major uranium and polymetallic projects in Africa and Europe, with particular focus on the development of the Tiris uranium project.<\/p>\n<p>A good deal of the funding will go towards Tiris, which a February FEED (Front End Engineering Design) study revealed to be a near-term low-cost 2Mlbs U3O8 per annum uranium mine with a 17-year mine life, and with excellent economics and optionality to expand to accommodate resource growth.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>$2m raise adds to $16.2m funding from professional investors<\/strong><\/h2>\n<p><strong>\u00a0<\/strong>There was \u201coverwhelming\u201d interest in the share purchase plan which was heavily oversubscribed.<\/p>\n<p>Aura Energy received valid applications for a total of 19,325,000 fully paid ordinary shares in the company, for about $3,478,500 under the SPP, far exceeding the $2 million target.<\/p>\n<p>The SPP was priced at A$0.18 per SPP Share and included three free attaching options\u00a0 for every four SPP Shares to be issued, with the SPP Options exercisable at a price of A$0.30 per SPP Option and expiring two years from the date of issue.<\/p>\n<p>When the SPP was announced on March 18, it was in connection with a <strong>$16.2 million<\/strong> placement to professional sophisticated investors.<\/p>\n<p>So, together with the SPP placement, the company has now raised a <strong>total of $18.2 million<\/strong> before costs.<\/p>\n<p>With a further $5.4m expected from the restructure of the Curzon offtake, it will give Aura a very healthy cash position to execute its development plans at Tiris.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>What happens next? <\/strong><\/h2>\n<p>The company notes that the funds raised under both the SPP and the pro-investor placement are now proposed to go towards the following:<\/p>\n<p>Resource update expected this quarter following the recently completed drilling campaign at Tiris.<br \/>\nPre-development activities at the Tiris Project, with a final investment decision expected in 2024 and production expected in 2026.<br \/>\nSupporting development of the H\u00e4gg\u00e5n Project in Sweden. H\u00e4gg\u00e5n contains a global-scale 2.5Bt vanadium, sulphate of potash and uranium resource.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Aura Energy, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/cashed-up-aura-energy-targets-uranium-development\/\">Cashed up Aura Energy targets uranium development<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>African and European-focused uranium hunter Aura Energy has raked in a further $2m in funding This adds to recent pro-investor placement funding of $16.2m Funds <a href=\"https:\/\/economicherald.net\/?p=10326\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10327,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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