Lotus Resources Ltd (ASX:LOT) has entered a trading halt awaiting an announcement regarding the acquisition of an additional interest in the Kayelekera Uranium Project in Malawi.
The securities will remain in the trading halt until the start of normal trading on Friday, March 26, 2021, or when the announcement is released to the market.
Strong support for the placement
The company received binding commitments to raise A$12.5 million (before costs) through the placement of 100 million shares at A$0.125 per share to sophisticated and professional investors.
The placement attracted strong demand both locally and abroad and has seen several new institutional investors become shareholders in the company, including a new major Australian investor which cornerstoned the placement.
“Testament to project potential”
Lotus managing director Keith Bowes said: “I would like to thank both new and existing shareholders for their tremendous support through this capital raising process.
“The strong demand is testament to the potential of our Kayelekera Uranium Project, one of only two uranium assets on the ASX to have proven, commercial uranium production.”