DevEx Resources (ASX:DEV) has received firm commitments to raise $32 million via a two-tranche placement of 220.7 million shares at $0.145 per share to help fund acquisitions in the Alligator Rivers Uranium Province.
Bell Potter Securities, Argonaut Securities, and Euroz Hartleys acted as the joint lead managers and bookrunners to the raise.
The company is also undertaking a share purchase plan (SPP) capped at $3 million, which will close on 19 December 2025.
Proceeds from the capital raise will be used to support the recently announced acquisitions of additional tenure in the Alligator Rivers Uranium Province from Rio Tinto Exploration and Alligator Energy (ASX:AGE).
DevEx Managing Director Marnie Finlayson says the proceeds will underpin the acquisitions, which are “transformational for DevEx, delivering a coherent and contiguous landholding in one of the world’s most prolific uranium provinces”.
The balance will provide support for an aggressive exploration campaign in 2026, focused at unlocking the full potential of our expanded project area and the company’s broader growth strategy.
As reported by Mining.com.au on 1 December, Alligator Energy entered into a binding asset sale agreement with DevEx to divest these non-core Northern Territory uranium assets.
Taylor Collison acted as Alligator Energy’s financial advisor to the transaction.
The divestment reflects the company’s approach to portfolio management and capital allocation and will enable Alligator to strengthen its liquidity position and funding capacity, reduce cash burn and complexity, as well as sharpen its focus on the Samphire Project in South Australia.
Alligator Energy intends to deploy these additional proceeds primarily towards expediting work at Samphire, including infill and extensional drilling and a field recovery trial to complete a Definitive Feasibility Study.
CEO Andrea Marsland-Smith says Alligator intends to complete a field recovery trial, accelerate infill and extensional drilling with the objective of increasing the existing resource, and progressing the project towards becoming Australia’s uranium mine.
Write to Adam Orlando at Mining.com.au
Images: Alligator
