Extract raises $30.5m in placement

Perth-based uranium explorer Extract Resources Ltd has received commitments from investors to raise $30.5 million, with funds raised to support exploration and development activities in Namibia.

The company said funds from the placement of 27.75 million shares priced at $1.10 apiece will be sufficient to move to definitive feasibility study stages for the Ida Dome and Rossing South projects, once initial resource estimates are generated.

Managing director Peter McIntyre said today "the Company continues to develop the potential of its projects and has now secured sufficient funding to further advance them. I anticipate that the next 6 to 12 months will be a period of significant expansion in our resource potential."

The placement has been facilitated jointly through BBY Limited and Patersons Securities in Australia and Haywood Securities in the UK.