Okapi Resources Ltd (ASX:OKR) has raised A$2.5 million through a placement of around 16.6 million new fully paid ordinary shares at A$0.15 per share with one free attaching unlisted option for every two shares subscribed.
The placement was strongly supported and in a show of director strength and confidence in OKR’s operations, includes A$131,000 in commitments from the company’s directors.
Okapi recently acquired a portfolio of advanced, high-grade uranium assets in the US and in the Athabasca Basin, Canada. These include a strategic position in one of the most prolific uranium districts in the USA – the Tallahassee Creek Uranium District in Colorado.
Tallahassee Uranium Project contains a JORC 2012 resource estimate of 49.8 million pounds of U3O8 at a grade of 540ppm U3O8 with significant exploration upside.
The greater Tallahassee Creek Uranium District hosts more than 100 million pounds of U3O8 with considerable opportunity for Okapi to expand the existing resource base by acquiring additional complementary assets in the district.
In January 2022, Okapi acquired a portfolio of high-grade exploration assets in the world’s premier uranium district, the Athabasca Basin, home to the world’s largest and highest-grade uranium mines.
Okapi intends to become a new leader in North American carbon-free nuclear energy by assembling a portfolio of high-quality uranium assets through accretive acquisitions and exploration.
Use of funds
Net proceeds from the placement will be used to:
- complete the diamond drilling program at the Enmore Gold Project that started in June;
- complete the Athabasca North American summer exploration program; and
- general working capital.
Okapi’s managing director Andrew Ferrier said: “We thank existing shareholders for their ongoing support and welcome a number of new institutional and sophisticated investors to the company’s register.
"Okapi is now well positioned to maximise shareholder value through its exploration programs which are now underway.
"The current global energy crisis has highlighted the need for western countries to secure clean, reliable and carbon-free energy – nuclear power is going to play an important role in achieving net-zero carbon.”