Alligator Energy to raise $1.1M
Alligator Energy (ASX:AGE) is looking to raise up to $1.1 million via a rights issue.
The funds AGE is raising now will be used immediately on an initial cobalt nickel drilling program at its Piedmont Project in Northern Italy. The company is also looking to attract direct investment into its key drill-ready uranium exploration asset, the TCC4 prospect, with the aim to fund a future drilling program.
AGE is an ASX-listed explorer centred on uranium and energy-related minerals — primarily cobalt-nickel. The company is focused on the discovery of large economic high-grade energy-related metal deposits (uranium, nickel, cobalt) with clear pathways for approval and development.
In AGE’s energy portfolio are the Piedmont Cobalt-Nickel-Copper Project in Italy and the Alligator Rivers Uranium Projects in the Northern Territory.
AGE this morning announced a 1:3.5 non-renounceable rights issue at $0.007 per share, plus 1 attaching option for every 2 new shares. The funds raised will be used for the following purposes:
- Attracting direct investment into AGE’s key drill-ready uranium exploration asset, the TCC4 prospect, with the aim to fund a future drilling program
- Undertaking a focused initial drilling program at the Piedmont Cobalt–Nickel Project, based on a successful outcome from the Phase 1 geochemical and geophysics program and approval of drilling permits (application is currently underway)
- Maintaining AGE’s uranium interests and assets in the ARUP
- Working capital requirements
The offer has received support from a number of key shareholders, investors and brokers who have indicated their interest in taking up their shareholder entitlement and/or any potential shortfall shares.
It’s worth noting that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.