Orpheus placement backed by IsoEnergy
Junior uranium explorer Orpheus Uranium has secured firm commitments to raise A$4.36-million through a share placement, with Canada-listed IsoEnergy cornerstoning the raise with a A$1.5-million investment.
The company will issue about 70.4-million new shares at A$0.062 a share under its existing placement capacity, representing a 2.9% discount to its 15-day volume-weighted average price.
IsoEnergy, which has a market capitalisation of about A$1-billion, will emerge as a strategic investor with a 6.87% stake following completion of the placement.
Proceeds will be used to advance Orpheus’ uranium projects in South Australia, the Northern Territory and Western Australia, as well as for portfolio development and working capital.
Taylor Collison is acting as sole lead manager to the placement.
“We welcome IsoEnergy as a strategic investor in Orpheus," says MD Clinton Dubieniecki. "Their decision to invest is a strong endorsement of the quality of our uranium portfolio, the significant progress we have made advancing our projects, and the technically strong and highly capable team we have built.
“IsoEnergy is recognised globally as a leader in the uranium sector, and their mission aligns well with Orpheus’ strategy of building a portfolio of assets at varying stages of development, providing short- and long-term leverage to exploration success and rising uranium prices. We look forward to growing our relationship with the IsoEnergy team as we continue to drive our exciting exploration programme forward.”
Settlement of the placement is scheduled for February 9, with allotment expected on February 10.
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