05/10/2012 - 10:29

UK fund backs Deep Yellow placement

05/10/2012 - 10:29

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UK fund backs Deep Yellow placement

Namibian-focused uranium explorer Deep Yellow has completed a $6.5 million placement to Africa-based specialist mining fund Laurium LP.

Deep Yellow announced today that Laurium had signed up for more than 154 million shares priced at 4.2 cents each.

Following completion of the transaction, Laurium will hold 10.87 per cent of Deep Yellow's issued securities.

As part of the deal, senior Laurium fund adviser Christope Urtel will join the Deep Yellow board as non-executive director.

Managing director Greg Cochran welcomed Laurium as a substantial shareholder, saying the placement would boost the company's cash coffers to more than $10 million.

“As a specialist resources investor, Laurium's participation as a cornerstone investor is a strong vote of confidence in our projects, management and strategy,” Mr Cochran said in a statement.

“The finalisation of the entitlement issue now allows us to fully devote our attention to progressing our flagship Omahola project along with the Tubas Sand project.”

At 10:15AM, WST, Deep Yellow shares were up 6.8 per cent, trading at 4.7 cents.

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