DevEx raises A$17m for NT uranium drilling
PERTH (miningweekly.com) – ASX-listed DevEx Resources will raise A$17.2-million to expand drilling at its Nabarlek uranium project, in the Northern Territory.
The company on Wednesday reported that it had received firm commitments for the two-tranche placement, with the first tranche consisting of 44.1-million shared, priced at 34c each, to raise an initial A$15-million under the company’s existing placement capacity.
The second tranche of 6.5-million shares, to raise a further A$2.2-million, will be subject to shareholder approval at a general meeting scheduled for early October.
The issue price represented a 17.1% discount to DevEx’s last closing price on August 15, and a 14.3% discount to the five-day volume weighted average share price.
“With an exciting start to our drilling campaign at Nabarlek, this placement provides DevEx with the balance sheet to build exploration momentum at Nabarlek, alongside aggressive exploration campaigns at both the Junee and Sovereign projects,” said MD Brendan Bradley.
“We have the opportunity for company-changing discoveries at each of these projects, and I would like to thank all investors who participated in the placement.”
Following completion of the raise, DevEx will have a cash balance of A$23-million, putting it in a strong position to accelerate its 2022 drilling programme at Nabarlek as well as undertake follow-up exploration at the Junee copper/gold project in New South Wales and the Sovereign nickel/copper/platinum group element project in Western Australia.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
