American Uranium (ASX:AMU) has completed its $2.64 million placement following a resource estimate upgrade at the Lo Herma Project in Wyoming, US.
The company issued 22 million shares at $0.12 each to institutional and sophisticated investors. CPS Capital Group acted as the lead manager of this placement.
Funds will be used to advance drilling, permitting, and technical studies at the company’s Wyoming uranium projects.
As reported by Mining.com.au last week (9 April), Frontier Nuclear and Minerals (NASDAQ:FNUC) agreed to participate in the placement, maintaining its 9.92% stake in American Uranium.
Shareholders were set to receive one free attaching option for every two held, subject to shareholder approval. Options will be exercisable at $0.16 each and will expire on 30 June 2029.
American Uranium is focused on advancing the Lo Herma In-Situ Recovery Uranium Project located in Wyoming’s Powder River basin.
Write to Maddison Elliott at Mining.com.au
Mining.com.au may hold shares in American Uranium.
Images: American Uranium
