Alligator Energy (ASX: AGE) is looking to raise $912,506 through a 1.5 for 10 non-renounceable rights issue to expand its currently drilling program at the Tin Creek Camp uranium project in the Northern Territory.
This is being undertaken in conjunction with a placement to Macallum Group of 23,337,750 shares priced at 0.04 each to raise a total of $933,510.
Macallum is also partially underwriting the Rights Issue up to a maximum of 14,311,000 shares ($486,574) or such lesser number of shares (and corresponding amount) so that they hold a maximum of 19.9% of total shares.
This is in addition to Macallum subscribing for its entitlement under the Rights Issue of 3,500,663 new shares ($119,022).
The initial Phase 2 drilling in later 2013 will focus on drill testing the Orion North and Caramal East Prospects.
Proceeds will also underpin further drilling in 2014 including Orion North, Orion East and Mintaka; undertake preliminary drill testing at the Mamadawerre joint venture project; additional geophysical surveys on the Tin Camp Creek Project; and fund further resource assessment studies at Caramal.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.