Askari Metals (ASX: AS2) has executed a binding Subscription Agreement with Celtic Finance to raise a further $350,000 to support its growth plans.
The placement Celtic, a single high-net worth sophisticated investor, will provide the company further capital to advance its Tanzanian uranium strategy and enables the company to access a broader network of funding parties.
The Strategic Investor will receive a 1-for-1 free attaching option exercisable at $0.022 expiring on 31 December 2028 on those shares subscribed for pursuant to the S/H Approved Placement. The issue of the
The funds raised from the Placement will be allocated towards the company’s progressive expansion into in-demand uranium in Tanzania, continued exploration and development of the Uis Lithium Project in Namibia as well as general working capital.
The company has recently acquired the Matemanga Uranium Project in Southern Tanzania and the Eyasi Uranium Project in Northern Tanzania, through a direct application process. The Matemanga project is strategically located less than 70km south of the world-class Nyota Uranium Mine.
The Matemanga project exhibits a significant radiometric anomaly spanning 10km x 6km, initially identified in a 2006 survey conducted by Uranex. While this survey underscored substantial potential for uranium mineralisation, limited ground-based exploration was undertaken at the time, as Uranex prioritised other areas.
Re-processing of airborne geophysical data at the Eyasi project has revealed two discrete, linear radiometric anomalies approximately 1km in width and totalling 30km of strike. Radiometric anomalies are interpreted to be defining fluvial channel systems which are draining from primary basement granites.
Askari Metals is actively engaged in due diligence to acquire further uranium projects in this emerging tier-1 uranium province and is looking to build a district scale uranium portfolio in southern Tanzania.
The company is also working towards developing an appropriate divestment strategy for its Australian exploration portfolio, which contains prospective gold, copper, REE and lithium projects.
“We welcome our new investor to our register who shares our vision for exploration in Africa and our progressive strategic move to in-demand uranium in Tanzania,” Director, Gino D’Anna, said.
“We continue to build our footprint in Tanzania as due diligence continues on several advanced uranium projects and as the company progresses, we will be actively seeking to secure experienced top-level management that will be able to take Askari to the next stage and develop our key projects.
“Funds raised from this Placement will allow the company to continue to expand our footprint for uranium in Southern Tanzania.
“The next few months will be a busy period for Askari and this funding will allow the Company to continue its strong momentum and further the advancement of our exploration and acquisition strategy. We look forward to keeping our shareholders updated as we enter an exciting time of growth for Askari.”
