Arkle Resources PLC (AIM:ARK) announced it is raising new funds and acquiring a package of uranium interests in Namibia.
The AIM-quoted small cap raised £1.7 million, with a placing priced at 0.4p per share, and entered into a deal to pick up an 85% stake in Namibia Uranium Pty Ltd, a vehicle holding prospecting ground in the country's Erongo region, near existing deposits such as Trekkopje, Marenica and Rössing.
The exploration company highlighted that a 2025 sampling programme confirmed uranium at surface up to 3,855 parts per million U3O8 and that the 2026 work programme includes geophysics, mapping and up to 4,000 metres of reverse circulation drilling.
“We are very pleased to have concluded the acquisition of these highly prospective uranium assets in Namibia, alongside completing a concurrent financing," said Arkle chair John Teeling.
"The fundraise was significantly oversubscribed which is testament to the quality of these exploration assets, the recognition of Namibia as a tier-one uranium jurisdiction and the exciting fundamentals of the uranium market."
At the same time, Arkle is strengthening its team, appointing Rory Harding as interim chief executive, Robin Birchall as a non-executive director and Mark Burnett as a strategic adviser.
In London, Arkle's share price was down 11%, changing hands at 0.47p.