Aura Energy Ltd (ASX:AEE, AIM:AURA) has finalised its share purchase plan (SPP) for proceeds of A$670,495.
Funds from the SPP announced on May 3, 2023, combined with the company’s recent placement take total capital-raising proceeds to A$10.7 million.
A total of 3,624,271 ordinary shares will be issued today to SPP participants.
The company is transitioning from a uranium explorer to a producer to capitalise on the rapidly growing demand for nuclear power as the world continues to shift towards a decarbonised energy system.
It will use the money to progress its Tiris Project in Mauritania towards development; target the growth in uranium resources in the Tiris Zemmour province of Mauritania and complete work to enable the granting of the Häggån Exploitation Permit.
Aura has uranium and polymetallic projects with large resources in Africa and Europe and is focused on resource expansion and uranium production at the Tiris Project.
Tiris is a major greenfields uranium discovery in Mauritania.
In position to deliver on its strategy
Aura managing director and CEO David Woodall said the company was pleased with the outcome.
“The successful completion of the capital raise and SPP puts Aura in a great position to deliver on our strategy,” he said.
“Our target is to be development ready with the completion of the Front-End Engineering Design (FEED), the receipt of the uranium export permit, additional offtake agreements and the progression of financing in 2023 to maximise value to our shareholders.
“This timeline is aligned with the continual improvement of the uranium market, with spot prices recently passing US$57 per pound U3O8.
“Our strategy remains focused on continuing to develop our flagship Tiris Project in Mauritania to meet this rising demand and corresponding rising price for uranium. We believe this demand is sustainable and necessary to meet global decarbonisation targets.”