Terra Uranium (ASX:T92) closed its share purchase plan (SPP) on 25 September 2024, which raised $89,000 via the issue of 1.37 million shares.
The shares are expected to be issued on 2 October 2024 at $0.065 per new share.
On 21 August 2024, the company announced it was conducting the SPP in the hopes of raising up to $500,000 to fund a proposed acquisition of the Amer Lake Uranium Project in the Baker Lake Region, Nunavut, Canada, and advance its portfolio of ‘highly prospective’ Athabasca-based uranium exploration properties.
All of the company’s directors participated in the SPP and normal trading of the new shares is scheduled to resume from 3 October 2024.
In conjunction, Terra Uranium conducted a two-tranche placement to sophisticated and institutional investors.
The placement will also include one unquoted option exercisable into one new share, which are being issued for nil cash consideration, and may be exercised at any time before the second anniversary of their date of issue of $0.15 each.
Terra Uranium is also in the process of finalising a definitive option and joint venture agreement that will allow ATHA Energy (TSX-V:SASK) to potentially acquire up to 60% of Terra’s Pasfield Lake Project and will allow it to potentially acquire up to 70% of ATHA’s Spire and Horizon projects.
Terra Uranium is a uranium-focused mineral explorer that has a strategic position in the Athabasca Basin in Canada. The company wholly owns 29 claims, covering 1,203km2.
Write to Aaliyah Rogan at Mining.com.au
Images: Terra Uranium
