Australian uranium developer Deep Yellow Limited has successfully raised approximately N$1.7 billion (A$140.5 million) through the first tranche of its placement.
The placement, announced on 11 March 2024, involved issuing 114,706,334 ordinary shares at A$1.225 (N$15.13) per share to institutional and qualified investors.
Deep Yellow’s Managing Director & CEO, John Borshoff, expressed satisfaction with the funding, stating it positions the company “for the next phase of growth.” Borshoff expects to complete Tranche 2 of the placement after a shareholder meeting in late April 2024.
Deep Yellow is also aiming to raise an additional A$30 million through a Share Purchase Plan (SPP) allowing existing shareholders to participate.
These funding initiatives follow Deep Yellow securing binding commitments to raise N$2.7 billion for developing their Tumas Project in Namibia. The placement will involve issuing 179,591,836 shares at A$1.225 (N$15.13) each.
Last year, the company significantly upgraded the Mineral Resource Estimate (MRE) for the Tumas 3 Deposit, extending its projected mine life to over 30 years. The upgrade increased the Tumas 3 Mineral Resource to 66.8Mlb at 300ppm eU3O8, with Indicated Mineral Resources rising 11% to 60.6Mlb at 325ppm eU3O8.-miningandenergy.com.na
