Haranga Resources Ltd (ASX: HAR | FSE: 65E0) has received firm commitments from sophisticated investors to raise A$2.86M through the issue of 26M fully paid ordinary shares at an issue price of A$0.11 per share.
The placement was strongly supported by existing shareholders and existing substantial shareholder Jason Peterson has committed over ~A$300,000 to the placement to increase his holding.
Managing director, Mr. Peter Batten, said, “We are grateful for the level of support received from existing and new shareholders. Funds raised will enable us to commence drilling activities at our Saraya uranium project in Senegal and expand on what is a significant maiden JORC mineral resource at the project, as well as continue other exploration works within the project area which spans 1,650km2.”
Tranche 1 of the placement will raise approximately A$1,650,000 using the company’s available placement capacity and is expected to settle on 4 October 2023. Tranche 2 will be subject to shareholder approval to raise approximately A$1,210,000.
Additionally, the placement represents a discount of 26.6 % to the last close price of A$0.15 and a discount of 18% to the 15 Day VWAP of A$0.1342.
Funds raised from the placement will primarily be used by Haranga to continue exploration and drilling activities at the Saraya uranium project in Senegal, to identify and assess potential acquisition opportunities and for additional working capital.
The company has announced a maiden resource estimate at Saraya based largely on historic data, validated and confirmed by Haranga’s drilling. The Saraya deposit is still open along strike and at depth and has the potential to be extended by further drilling.
To find out more, please visit www.haranga.com
To read more articles like this, please visit www.theassay.com/news
