Aura Energy Limited (ASX:AEE) Raises A$9 Million for Tiris Project
Placement Funds and Strategic Backing
Aura Energy Limited (ASX: AEE) has successfully raised approximately A$9 million through a placement of 64,285,714 fully paid ordinary shares at A$0.14 each. This initiative garnered strong support from professional and sophisticated investors, including a significant A$6.5 million commitment from Sachem Cove Partners LLC, which will acquire around 5.1% of Aura’s issued stock. The funds will drive the development of the Tiris Uranium Project, expected to reach production by 2026/2027.
Development Plans
The capital raised will fund the early works program at the Tiris Uranium Project, which is advancing towards a Final Investment Decision (FID) anticipated in the first quarter of 2025. This project is positioned as a low-cost, high-value uranium operation, aligning with global energy trends towards cleaner energy solutions.
Executive Insight
Andrew Grove, Managing Director and CEO of Aura Energy, expressed excitement about the partnership with Sachem Cove. He noted, “Their extensive expertise in the uranium markets underscores the quality and deep value at the Tiris Uranium Project.” Grove continued, “We extend our gratitude to our existing shareholders and welcome new, highly credentialed investors to our register.”
Financial Details
The newly issued shares are expected to settle on December 20, 2024, and will rank equally with existing shares. The placement price reflects a 9.7% discount to the last closing price and adheres to ASX Listing Rule 7.1A, confirming the use of existing placement capacity. Following this issuance, the total issued share capital will be 912,748,141 ordinary shares.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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