The Capital Crunch: Peninsula Energy to raise $106 million

Uranium-focused Peninsula Energy (ASX:PEN) is conducting a fully underwritten $105.9 million equity raising to fund the company to free cash flow in Q3 2024. 

The equity raising will be undertaken via a $52.9 million placement to global institutional and sophisticated investors and a $53 million one-for-four accelerated non-renounceable entitlement offer. 

The issue price is $0.10 per share for both offers, representing a 13% discount to the last closing price of $0.115 per share and a 13.6% discount to the 10-day volume-weighted average price (VWAP) of $0.116. 

In addition, the company is continuing to pursue debt discussions, which in addition to the remaining unexercised March 2025 in-the-money options, may be established to provide additional working capital, funding for growth initiatives and balance sheet flexibility. 

Meanwhile, battery metals-focused company Queensland Pacific Metals (ASX:QPM) is conducting a $19.1 million placement to sophistical and institutional investors. 

The company will issue about 503.13 million shares at $0.038 per share, representing a 7.3% discount to the last closing price. 

Foster Stockbroking and Bell Potter Securities acted as joint lead managers and joint bookrunners to the placement. 

The proceeds will be used to drive growth initiatives for the Moranbah Gas Project and for general working capital. 

Those growth initiatives include an economic Feasibility Study, a power generation grid connection, and carbon credit unit assessment. 

AML3D (ASX:AL3) is also looking to raise $6.9 million through a placement and a recently completed rights issue, which closed on 9 May.  

The rights issue raised $3.9 million via the issue of 78.5 million shares at $0.05. 

Bell Potter, Taylor Collison, and Cerberus Advisory were appointed as joint lead managers to the rights issue. 

AML3D is also seeking additional funding to establish a US manufacturing base, while retaining sufficient working capital to take advantage of potential growth opportunities. 

The company now seeks to raise a further $3 million via the issue of 60.25 million new shares. 

Subject to shareholder approval, non-executive director Peter Siebels has agreed to subscribe to the placement for $100,000. 

Once completed, the placement will result in an increase in cash at hand by $6.9 million. 

Finally, Maronan Metals (ASX:MMA) is set to raise $5.65 million via a placement, as well as an additional $1.5 million via a share purchase plan (SPP). 

The placement includes 23.54 million shares issued at $0.24 per share, representing a 16.2% discount to the 5-day VWAP and a 20% discount to the last traded price on 13 May. 

The SPP will be conducted on the same terms. 

The proceeds will be used to complete a number of activities at its Maronan silver-lead and copper-gold deposit in Queensland. 

These include completing an internal Scoping Study and a shallow starter zone drilling program. 

The funds will also be used for drill testing the copper-gold deposit, progressing environmental studies, undertake metallurgical test work, and begin initial Pre-Feasibility Study work streams. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Peninsula Energy
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.