Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) CEO Wayne Heili speaks with Proactive soon after announcing the company has secured binding commitments to raise A$50 million via a placement to global institutional and sophisticated investors to fund continuing construction works and wellfield development to restart uranium production at the Lance Project in Wyoming, USA. In addition, the company is also undertaking a security purchase plan (SPP) to raise up to A$10 million, providing existing eligible shareholders the opportunity to participate in the capital raising on the same terms as the placement.
We are pleased to receive such significant support from many existing and new, high-quality institutional and sophisticated investors, providing us with a large amount of equity to allow completion of plant construction and commencement of commercial production at Lance in late 2024, Heili said.
Following the successful completion of the equity raising, Peninsula will be well capitalised to continue works at the Lance Project and deliver on the timeline to production restart."
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