Energy Metals to raise $9.4 million

Energy Metals is seeking to raise $9.4 million for its Bigryli uranium and Ngalia regional prospects in the Northern Territory.

The fully underwritten, non-renounceable rights issue will offer eligible shareholders four new shares for every 11 shares held at an issue price of 16.8 cents, a 5 per cent discount represented by the average weighted closing price in the three weeks until November 18.

Energy Metal's largest shareholder, China Uranium Development, has fully underwritten the issue with the company holding a 60.56 per cent interest in Energy Metals.

Under this capital raising, Hong Kong-based CUD will increase its holding in Energy Metals to about 71.08 per cent interest.

The company also plans to pursue further uranium prospect opportunities with the funds.

Shares in Energy Metals are unchanged at 17.5 cents as of 7.30am, WST.