Peninsula gets more cash for Lance
PERTH (miningweekly.com) – Uranium producer Peninsula Energy has signed agreements with shareholders Resource Capital Fund and Pala Investments for a further $5-million in project funding.
The ASX-listed company said on Friday that existing convertible loans with the two shareholders would increase from $15-million to $20-million, with the proceeds going towards general well development activities at the Lance project, in the US, resource development drilling, final Stage 2 engineering design, and for working capital purposes.
The convertible loans bear an interest rate of 8% a year, payable quarterly in arrears in cash or shares, with a maturity rate of April 2017.
Further, an arrangement fee of 2% of the amount available under the convertible loans is also payable in cash or in fully paid ordinary shares, using a conversion price at the lower of 80c a share or market share price.
During the three months to September, Peninsula extracted some 54 000 lb of uranium oxide at the Lance project, an increase of 25 000 lb over the three months to June.
Peninsula is looking to implement the Stage 2 development of Lance, which comprises the installation of elution, precipitation, drying and packaging processes circuits in the central processing plant and a doubling of the ion-exchange capacity.
Bringing all the processes in-house is expected to reduce cash operating costs by between $4/lb and $5/lb.
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