Listed uranium developer Okapi Resources was pitching investors for fresh funds on Tuesday, saying it would spend it on work at existing projects and to scout M&A opportunities.
Listed uranium developer Okapi Resources was pitching investors for fresh funds on Tuesday, saying it would spend it on work at existing projects and to scout MThe company was offering 13.3 million shares at 15¢ each, a 14 per cent discount to the last close. It included a one-for-two attaching option with a 30¢ strike price and two-year expiry. It had room for $400,000 in oversubscriptions.
Okapi’s North American projects include Tallahassee in Colorado, Rattler in Utah, Athabasca Basin projects in Canada’s Saskatchewan and - in a new addition - an option to acquire a 51 per cent stake in the Hansen uranium deposit close to Tallahassee. It’s also got a gold project in NSW, where following up from last year’s drilling.
The term sheet sent to potential investors said Okapi would use the proceeds for exploration at the North American and NSW projects, general working capital and to have funding optionality for mergers and acquisitions it saw as accretive.Okapi had a $20 million market capitalisation before the placement.
Several larger uranium players tapped the equity capital markets in March to fund their projects, as investors showed a renewed interest in the sector. Paladin Energy’s $200 million placement was the biggest of the lot, followed by
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