Lotus Resources Limited (ASX: LOT) has completed a placement to sophisticated, professional and institutional investors to raise A$25 million.
The Placement was strongly supported by domestic and international investors, reflecting the strong investor interest in the vompany’s Kayelekera Uranium Project in Malawi.
The company was particularly pleased to welcome a number of specialist uranium investors to the register, which is a strong endorsement for the recommencement of uranium production at the Project as outlined in the Company’s recently released Definitive Feasibility Study.
“We are very pleased to have received such strong support for the Placement which will enable us to progress offtake negotiations with the various utilities and project funding during a period of significant support for nuclear energy globally,” Managing Director, Keith Bowes, said.
In particular, the demand received from global sector specialists during the bookbuild provides significant validation for the company’s restart strategy and underscores the value of the project as one of the nearest term producers globally.
“I’d also like to thank our existing shareholders for their strong, ongoing support, and welcome all our new shareholders aboard. We look forward to providing further updates on our activities in the coming weeks and months.”
Lotus Resources Limited owns an 85% interest in the Kayelekera Uranium Project in Malawi. The Project hosts a current resource of 51.1Mlbs U3O8 and historically produced ~11MIb of uranium between 2009 and 2014.
The company completed a positive Restart Definitive Feasibility Study1 which has determined an Ore Reserve of 23Mlbs U3O8 and has demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first projects to recommence production.
For further information please visit: https://lotusresources.com.au/
