GoviEx moves closer to being a uranium producer by 2025
GoviEx Uranium has closed its previously announced bought deal private placement financing which includes a partial exercise of the over-allotment option, at a price of C$0.22 per Unit for aggregate gross proceeds of C$10,166,860.
Each unit consists of one Class A common share of the company and one-half of one Common Share purchase warrant.
Each Warrant entitles the holder thereof to purchase one common share at US$0.24 until October 25, 2025. The company expects to close an additional tranche of units on the same terms as the Private Placement in the coming days.
The funds raised will enable continued development of GoviEx’s projects, bringing the company closer to its target of becoming a uranium producer by 2025, subject to project financing.
With the release of the FS results for its Madaouela project in Niger in September, the company will now focus on progressing offtake and debt financing options for the project.
The net proceeds of the private placement will also be used to continue the development of the Muntanga project in Zambia, where GoviEx aims to complete a FS by the end of 2023, and the continued exploration of its earlier stage Falea project in Mali.
In addition to the foregoing, the net proceeds from the Private Placement will be used by the company for exploration and general corporate and working capital purposes.
