Deep Yellow share purchase plan closes

Deep Yellow’s (ASX:DYL) share purchase plan (SPP) which offered 24.489 million shares at an issue price of $1.225 each to raise up to $30 million closed on 8 April 2024.

The company today (11 April 2024) reports it received applications for a total of 36.8 million shares totalling about $45 million. Accordingly, Deep Yellow will conduct a pro-rata scale-back of applications, with the number of shares rounded down to reflect a whole number.

Deep Yellow Managing Director and CEO John Borshoff says the SPP, plus the funds from the recently announced $220 million placement (together totalling $250 million), will support its growth strategy, the ongoing development of the flagship Tumas Project in Namibia, and the advancement of the Mulga Rock Project in Western Australia.

He says tranche one of the placement has been completed and the company is confident it will complete tranche two following the general meeting of shareholders on 30 April

The company will confirm final share numbers to be issued and allotted on 15 April 2024.

As the SPP was fully subscribed and there is no shortfall in applications, the company has resolved to withdraw resolution 3 from the agenda of the meeting of shareholders scheduled for 30 April 2024.

Resolution 3 sought shareholder approval to place up to $15 million of any shortfall under the SPP.

Deep Yellow is progressing a dual-pillar growth strategy to establish a globally diversified, tier-one uranium company aiming to produce more than 10Mlb per annum.

Deep Yellow is on track to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity.

Write to Adam Orlando at Mining.com.au

Images: Deep Yellow
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.