American Uranium (ASX:AMU) intends to conduct a non-renounceable pro-rata entitlement offer to fund exploration at the Lo Herma Project in Wyoming, US.
The company will offer one share for every six existing shares held at the record date (28 April), at an issue price of $0.12 each.
American Uranium will also offer a one-for-two free attaching offer in conjunction with this deal, with options exercisable at $0.16 and expiring on 30 June 2029.
The entitlement offer will open on 1 May 2026 before closing on 15 May.
Funds will be deployed to activities at the Lo Herma Project, including expansion and infill drilling, hydrogeological and metallurgical studies, and landholding costs.
Proceeds will also be used to cover the costs of the offer and general working capital.
As reported by Mining.com.au last week, American Uranium expanded the size of its Lo Herma Project with 1,040 acres of new uranium mineral rights and 29 new federal mineral lode mining claims, which cover about 490 acres.
The company intends to deliver an updated resource estimate and Scoping Study for the project in Q3 2026.
American Uranium is focused on advancing the Lo Herma In-Situ Recovery Uranium Project in Wyoming.
Write to Maddison Elliott at Mining.com.au
Mining.com.au may hold shares in American Uranium.
Images: American Uranium
