Askari Metals Limited (ASX:AS2) Secures Strategic Investment
Investment Highlights
Askari Metals Limited (ASX: AS2) has secured a binding Subscription Agreement with Celtic Finance Corp. Pty Ltd, raising $350,000 from a sophisticated high-net-worth investor. The Placement includes the issuance of 10,937,500 shares at an average price of $0.016 and 15,909,091 shares at $0.011, which will be completed on or about 10 January 2025. This funding will enhance Askari’s working capital and support its uranium exploration strategy in Tanzania.
Strategic Development
The funding will facilitate Askari’s ongoing initiatives, including the development of the Matemanga Uranium Project located near the Nyota Uranium Mine and the Eyasi Uranium Project, which both present significant exploration potential. The Strategic Investor will also receive options for attaching shares, pending shareholder approval.
Director Mr Gino D’Anna commented, “We welcome our new investor to our register who shares our vision for exploration in Africa. The funds raised from this Placement will allow the Company to continue to expand our footprint for uranium in Southern Tanzania.”
Future Outlook
Askari Metals is actively pursuing due diligence to acquire additional uranium projects in Tanzania’s tier-1 uranium province while strategising the divestment of its Australian exploration portfolio, which includes prospective gold, copper, REE, and lithium projects. The company aims to actively expand its operations in the coming months.
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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