Energy and Minerals Australia has announced a $10 million capital raising, in the form of convertible notes, to support continued work on its Mulga Rocks uranium project.
The notes have been issued to resource investment groups Acorn Capital and its clients, Macquarie Bank and the Element Resources Fund.
The funds will primarily be used for a drilling program, designed to expand the scale of the project’s uranium deposit.
The current MRD Inferred Resource estimate is 27,100 tonnes of uranium oxide.
Any resource increase will provide a solid foundation for an increase in the scale of the proposed project, which in turn, is expected to improve the long term, high volume and low cost profile of the project, the company said.
