Aura Resources has announced that it has received firm commitments for $A8.8 million to advance its 100% owned Tiris Uranium Project.
The Australian-based minerals company said in an ASX announcement that the funds will be raised via an oversubscribed share placement to institutional, sophisticated and professional investors, at an issue price of $0.25 per share, representing a 20% discount to the Company’s 5-day volume weighted average price.
According to the ASX Announcement, shareholder approval for the Placement was obtained at the company’s Annual General Meeting in December 2021.
“I am very pleased with the support shown from existing and new shareholders in this placement. The uranium market is strong, reflecting the rapidly emerging understanding of the critical role that nuclear energy will play in the energy mix of a Net Zero emission world,” said Aura’s CEO Dr Will Goodall.
“The geopolitical situation will continue to introduce some volatility, however the fundamental lack of primary supply in the uranium market should continue to underpin a strengthening position for near term development projects, such as Aura’s Tiris Project.”
According to Dr Woodall, the company will now be able to complete its resource enhancement program at the Tiris Uranium Project as announced on February 9th, 2022 and to commence an engineering phase.
In 2022 the company intends to transition from a uranium explorer to a uranium producer.
“The remainder of this year will see Aura rapidly progress the Low CAPEX, Low Operating Cost Tiris Uranium Project. We plan to enhance and expand the Tiris resource, finalize regulatory discussions with the Mauritanian government, progress marketing and financing conversations and take engineering to a point where we can move into procurement and construction through 2023,” said Dr Woodall.
“We are excited by the journey and look forward to bringing the Tiris Project to a stage where we are producing uranium, supporting the global push to minimize carbon emissions.”
