Aura Energy Ltd (ASX:AEE, AIM:AURA) has raised A$10 million via a share placement at A$0.185 per share to advance development across the company’s project portfolio.
The placement was supported by existing shareholders including Lind Partners and a number of new investors.
Aura has also introduced several new international investors to the register.
Tiris Uranium Project development
Aura chair Philip Mitchell said: “This capital raising provides the required funding for Aura to continue our development planning works on the Tiris Project ensuring that it is ready for development when the uranium market signals and to enable ongoing efforts to identify additional, higher grade, low-cost resources in the Tiris Zemmour region of Mauritania.
“Naturally, in Sweden, we will continue to support the Government strategy as it systematically reviews the national energy policy and evaluates the requirements to retract the ban on uranium mining.”
Read: Aura Energy confirms robust financial returns and near-term production potential at Tiris Uranium Project in Mauritania
Aura continues to look for opportunities to grow its resource base within the Tiris Zemmour region and to enhance the value of the Tiris Project to Mauritania and Aura shareholders.
The company is progressing the development of the Tiris Project, with the imminent submission of a permit application for the export of uranium from Mauritania.
A decision by the Mauritanian Government with respect to this submission is expected towards the end of 2023.
Read: Aura Energy sees the light on Sweden’s potential about-face on uranium
Aura has 100% ownership of the Haggan Vanadium-Uranium Project in Sweden, which has a 15.2 billion pounds vanadium resource (330 million pounds indicated + 14.88 billion pounds inferred).
The company continues to support the Swedish Government’s strategy to create energy independence and the methodical approach it is taking to rescind the current ban on uranium mining.
In parallel, Aura is undertaking studies required for the submission of an exploitation permit for the Haggan Project.
The funds from the placement will allow this work to be continued.
Aura managing director Dave Woodall will be in Sweden in late May to hold discussions on the project with key government officials.
A$1 million share purchase plan
In conjunction with the placement, Aura will offer eligible shareholders the opportunity to participate in a share purchase plan (SPP) on the same terms as the placement to raise up to a further A$1 million.
The SPP will enable Aura’s retail and existing shareholder base to participate in the growth of the company on the same terms as the placement.
Shareholders with a registered address in Australia or New Zealand at 5.00 pm (AEST) on 2 May 2023 will be invited to participate in the SPP.