Gladiator Resources (ASX:GLA) has received firm subscriptions for the placement of just over 133.333 million ordinary shares at $0.03 to raise $4 million.
Funds raised will be used towards the drilling program at Mkuju South West Corner, Tanzania commencing in May 2024.
Completion of the placement is expected to take place on 8 March 2024
This follows results reported on 10 January 2024, whereby the re-analysis of the samples that were ‘above detection’ limit of 4245ppm U3O8 have returned final grades as high as 7139 ppm U3O8 for the Southwest Corner Trench samples.
Gladiator Chairman Greg Johnson says the backing from Ian Stalker and his colleagues allow the company to progress drilling exploration in Tanzania.
“Particularly at South West Corner which has provided some outstanding trench assay results from the work completed late 2023. Apart from the financial backing, we are looking forward to drawing on Mr Stalker’s 45 years of hands-on experience in resource development, and particularly his background in Uranium gained during his time as CEO of Uramin before it was acquired by Areva S.A for US $2.7 billion in 2007.
We are particularly pleased that Mr Stalker and his colleagues have recognised the potential of this project and have the confidence in the company to back us with such a substantial injection of funds at this early stage of our exploration activities.”
Write to Adam Orlando at Mining.com.au
Images: Gladiator Resources
