Alligator Energy Ltd (ASX:AGE) has raised A$3.26 million in an oversubscribed share purchase plan (SPP), surpassing the company's initial target of A$3 million.
The company will issue 62,692,145 shares at an issue price of A$0.052 per share, in accordance with the SPP timetable set for October 23, 2023.
The funds are planned for use in multiple ventures, including a feasibility study and mining lease application for Samphire, an ongoing resource drilling and geophysics program, and exploration activities at Nabarlek North (ARUP) and Big Lake.
Additionally, the funds are also allocated for business development opportunities and general working capital.
Furthermore, the SPP participants are offered one option at an exercisable price of A$0.078 for every two shares subscribed, pending shareholder approval at the Annual General Meeting to be held on 24 November.
About Alligator Energy
Alligator is an Australian ASX-listed exploration company focused on uranium and energy related minerals, principally cobalt-nickel.
The company has clear pathways for approval and development through its multi-jurisdictional portfolio across Italy and Australia.
With a strategic marketing partnership in place with Traxys to provide uranium marketing services for future uranium production, off take contracting, project finance and acquisition opportunities, Alligator is ideally placed to progress its portfolio of uranium assets.
Alligator's multi-jurisdictional portfolio.