Peninsula Energy Ltd
(ASX:PEN) has received funding from a private equity group to fund a pre-feasibility study for its Karoo uranium project in South Africa.
The private equity group is called Concentrate Capital Partners Ltd, and is the independent investment partner to global engineering group, DRA Global.
Under this deal, Peninsula will issue 976,696 shares to Concentrate Capital at an issue price of 80 cents – which totals $781,357.
Peninsula says it previously appointed DRA to complete the preliminary mining, process engineering, and enhanced metallurgical test work to support this pre-feasibility study.
Peninsula Energy reported a net loss of $2 million at 31 December 2015.
