Orpheus Uranium Limited (ASX: ORP) has announced that it has received firm commitments for a share placement of approximately 70.4 million new fully paid ordinary shares at $0.062 per share, raising $4.36 million before costs. Orpheus Uranium is an Australian Securities Exchange (ASX) listed exploration company exploring for uranium in South Australia and the Northern Territory. More recently, Orpheus has extended tenure into Western Australia through the acquisition of the Oobagooma Uranium Project.
The placement will be completed under the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Proceeds from the placement will be used to fund exploration of the company’s uranium projects in South Australia, Northern Territory, and Western Australia. Funds will also support the development of Orpheus’ geologically prospective project portfolio, general working capital, and placement costs.
IsoEnergy Ltd. (TSE.ISO) (NYSE.ISOU), a globally diversified uranium company with a market capitalisation of approximately $1B (AUD), will cornerstone the placement with a $1.5 million investment. IsoEnergy will take a 6.87% stake in Orpheus Uranium. The placement is being extended to institutional, sophisticated, and professional investors who qualify under Section 708 of the Corporations Act.
Taylor Collison Limited acted as the Sole Lead Manager for the placement. Orpheus Managing Director Clinton Dubieniecki welcomed IsoEnergy as a strategic investor, stating that their decision to invest is a strong endorsement of the quality of Orpheus’ uranium portfolio. He added that he looks forward to growing their relationship as Orpheus continues to drive its exploration program forward.
