Deep Yellow Limited has raised N$1.7 billion (A$140.5 million) as part of tranche 1 of the placement announced on March 11, 2024.
The ASX-listed company wants to raise N$2.7 million (A$220 million) by issuing 179,591,836 fully paid ordinary shares before costs.
To raise N$1.7 billion, Deep Yellow issued 114,706,334 ordinary fully paid shares to qualified, institutional, sophisticated and professional investors at A$1.225 per share to raise before costs.
In the second tranche, Deep Yellow targets to raise N$370 million (A$30 million) around late April 2024.
The funds are to advance the development of the Tumas Project with the commencement of construction post-FID, the advancement of the Mulga Rock Project, and the progress of exploration of current projects where significant opportunity exists for resource expansion.
Deep Yellow managing director and CEO John Borshoff said the placement, commencing with the completion of tranche 1, puts the company in a solid financial position, ready to take on the next growth phase.
“With our strong positioning, I feel shareholders will benefit greatly while building Deep Yellow into a company that I believe will become highly significant on the global uranium supply scene.
“We are confident in completing tranche 2 of the Placement following a general meeting in or around late April 2024 and raising a further A$30 million from the Share Purchase Plan, which will allow eligible shareholders to participate in this capital raising,” Borshoff said.