Okapi Resources (ASX:OKR) has received binding commitments to raise $1.5 million through a placement of approximately 25 million new fully paid ordinary shares.
The placement is at an issue price of $0.06 per share with one for one free attaching option exercisable at $0.15 each expiring 3 years from issue date.
Okapi reports the free attaching options of 25 million will be issued subject to shareholders approval.
Funds raised will be used towards development of the Tallahassee Uranium Project, Maybell Uranium Project, and exploration in the Athabasca uranium projects and general working capital.
The directors and executive participation comprising just over 1.333 million shares and 1.333 million options will be subject to shareholders approval to be sought at the Annual General Meeting.
The placement shares are expected to be settled on 11 September 2023 and will rank equally with the company’s existing shares on issue.
Write to Adam Orlando at Mining.com.au
Images: Okapi Resources