Alligator Energy Ltd (ASX:AGE) has successfully completed its one for 10 Loyalty (Bonus) Option Offer to shareholders.
The bonus options allowed holders to subscribe for fully paid ordinary shares in Alligator at 4.5 cents per share prior to the expiry date of February 1, 2022.
This offer was announced in October last year.
A total of 272.4 million bonus options were issued to eligible shareholders raising additional funds of $8.2 million.
“The dual purposes of the Bonus Option Offer were to reward shareholders for their continuing support and to provide the company with a potential source of additional capital,” AGE CEO Greg Hall said.
“The level of take-up and support by shareholders of the bonus options is greatly appreciated, and the additional funds augment the December quarter end cash position of $22.5 million.
“This places the company in an exceptionally strong position to progress our portfolio of projects and to take advantage of other market opportunities.”
Use of funds
AGE will use the funds to augment the placement funds raised in early October 2021 in relation to its Samphire and other projects.
Alligator is focused on uranium and energy related minerals, principally cobalt-nickel. Alligator’s directors have significant experience in the exploration, development and operations of both uranium and nickel projects (both laterites and sulphides).
The company will:
- Increase quantum of sonic core and other resource and exploration resource drilling;
- Initiate studies and work for project approvals and add an IX plant to proposed future field leach trial to develop parameters for feasibility study;
- Enlarge the Nabarlek North geophysics and drilling programs proposed in the Alligator Rivers Uranium Province (ARUP), plus advance other exploration projects; and
- Assist in the evaluation and funding of potential future uranium project opportunities and strategic partner opportunities with Traxys, along with working capital requirements.