Peninsula Energy raises $5 million

Uranium explorer Peninsula Energy has raised $5 million in a share placement to asset manager JP Morgan.

The company said the funding would be used for ongoing construction activities at its Lance project in Wyoming, US and to progress feasibility studies at its projects in Karoo, South Africa.

Peninsula Energy executive chairman John Simpson said the deal for 161.3 million shares at 3.1 cents apiece fell under the company’s 10 per cent placement capacity and was not subject to shareholder approval.

“The board is delighted to welcome JP Morgan to the register of Peninsula and looks forward to a long standing mutually beneficial relationship,” he said.

Peninsula’s shares rose 3.1 per cent after the announcement, to 3.3 cents.