American Uranium (ASX:AMU) has completed its non-renounceable entitlement offer, raising $100,374 from the issue of 836,450 shares at $0.12 each. The funds will support work at its Lo Herma In-Situ Recovery Uranium Project in Wyoming, US.
As previously reported, the offer entitled eligible shareholders to one share for every six existing shares held at the record date (28 April) at the aforementioned issue price.
Following completion, a shortfall remains with 20.72 million shares and 10.36 million free attaching options available for placement from the total offer of up to 21.6 million shares and 10.8 million options.
The options are exercisable at $0.16 and expire on 30 June 2029.
CEO Bruce Lane says the company remains focused on executing its development strategy for the Lo Herma Project, despite participation being below expectations.
“Over [the] coming months, the company expects to deliver an updated mineral resource estimate, progress hydrogeological testing activities, and advance targeted Scoping Study work,” Lane says.
With the Scoping Study targeted for Q3 2026, the company says it intends to continue optimising its land position and project portfolio.
Meanwhile, the board continues to assess a range of funding alternatives, including the placement of the shortfall securities within three months of the closing date.
American Uranium is focused on exploring uranium and vanadium at its flagship Lo Herma Project in Wyoming’s Powder River Basin.
Write to Paula Fabe at Mining.com.au
Images: American Uranium
