Alligator Energy (ASX:AGE) is raising up to $18 million through a placement and share purchase plan to advance work programs at its Samphire and Big Lake projects in South Australia.
The company will raise $15 million through the issuance of 33.33 million placement shares with an offer price of $0.045 each.
The placement issue price represents a 15.1% discount to the last trading price of $0.053 on 3 August and a 14.8% discount to the 20-day volume-weighted average price.
New shares are expected to be issued on Wednesday 12 August 2026.
Canaccord Genuity and Taylor Collison acted as joint lead managers to this placement, with Shaw and Partners acting as the co-manager.
The share purchase plan aims to raise $3 million, with eligible shareholders able to apply for up to $30,000 in new shares. The share purchase plan uses the same offer price as the placement.
The record date for the share purchase plan was 5 August. The share purchase plan is expected to open on 13 August, before closing on 3 September.
Proceeds will be used to fund drilling at the Big Lake Project, as well as drilling and a Feasibility Study for the Samphire Project. Remaining funds will be used to cover business development, working capital, and the costs of the offer.
CEO Andrea Marsland-Smith says the strong support received from existing and new investors represents a “clear endorsement of the quality of the Samphire Uranium Project and Alligator’s broader growth strategy”.
“These funds place Alligator in a strong position to advance the Samphire Uranium Project through its next phase of growth,” Marsland-Smith says.
“We will be focused on expanding the resource base, progressing the mining lease application, and delivering key Feasibility Study outcomes that continue to derisk the project and move it closer to development.
“At the same time, we will continue exploring the significant potential at Big Lake, where we believe there is an opportunity to make discoveries that could create substantial additional value for shareholders.”
As reported by Mining.com.au last month, Alligator completed its Samphire field recovery trial at the Blackbush deposit, which demonstrated in situ recovery performance across two materially different settings.
Pattern one achieved around a 70% uranium recovery rate at approximately 70 pore volume exchanges (PVEs), with an average extraction grade of 115 milligrams per litre of uranium oxide and peak flow rates up to 5 litres per second.
Pattern two tested medium- to lower-grade areas, and ended up operating for 54 days, completing 15 PVEs to achieve 17% cumulative uranium recovery.
Alligator Energy is a uranium and energy metals explorer and developer focused on its flagship Samphire Project in South Australia.
Write to Maddison Elliott at Mining.com.au
Images: Alligator Energy
