Aura Energy Ltd (ASX:AEE, LON:AURA) shot up more than 100% after it took a bow on the AIM market on Monday after raising £2.24mln from London investors.
Aura Energy shares changed hands as high as 2.70p on Monday.
Shares in the uranium-focused mining junior were placed with institutions and sophisticated high net worth investors at 1.14p.
The cash will bankroll a feasibility study of its Tiris uranium deposit in Mauritania.
An open-pit project, it is estimated to be host to 49mln pounds of the radioactive material.
Mineralisation is found at just five to six metres, which makes for a cheap project that could, according to reports, be developed for around £38mln.
The company also owns the Häggån property in Sweden. At over 800mln tonnes is a heavyweight undertaking that would likely cost 10 more to develop than Tiris.
“We believe this now well-funded phase positions Aura ideally over the coming years as we build ourselves into a leading uranium developer, advancing our projects towards high margin, profitable production in the near to medium term,” said chairman Peter Reeve.
He also said there was a “substantial opportunity” for companies such as his as the world’s energy needs expand.
Increasingly electricity will come from alternative sources as fossil fuels are phased out.
This will inevitably mean the construction of more nuclear plants alongside large renewable projects.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.