GTI Energy Ltd is raising $1.35 million in a fully underwritten rights issue to existing shareholders.
The company will issue 150,548,357 shares on a one-for-10 basis at an issue price of $0.009 per share, to raise $1,354,935 before costs, with one free-attaching GTRO option for every two shares subscribed.
The rights issue is fully underwritten by CPS Capital Group Pty Ltd. Details of the campaign can be found here.
GTI will use the money for the development and exploration of the Lo Herma Project, to pay costs of the offer and for working capital.
Wyoming’s uranium backbone
GTI holds 100% of some 8,000 acres (around 3,500 hectares) over a group of strategically located mineral lode claims highly prospective for sandstone hosted uranium.
Its Lo Herma Project in Converse County, Powder River Basin, Wyoming is around 15 miles (24 kilometres) north of Glenrock and within 50 miles of five permitted ISR uranium production facilities and several satellite ISR uranium deposits.
Facilities include UEC’s Willow Creek (Irigaray and Reno creek) ISR plant, Cameco’s Smith and Hyland Ranch ISR plants and Nichols Ranch ISR plant owned by Energy Fuels Inc. (TSX:EFR, NYSE-A:UUUU).
The Powder River Basin has an extensive ISR uranium production history and has been the backbone of the Wyoming uranium production business since the 1970s.