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Marenica completes capital raising exercise

Marenica completes capital raising exercise

Australian Stock Exchange listed company, Marenica Energy Limited in a statement last week on SENS platform advised that it has completed a capital raising to raise a total of AUD1,178,000, before costs.

The Capital Raising is to fund development activities and working capital, including: Increasing the reach of the U-pgrade beneficiation process to third-party resource owners; and acquiring mining assets which the company expects to develop in its own right.

The placement of 11,780,000 fully paid ordinary shares at an issue price of 10 cents per Share plus 5,890,000 attaching Options which will be granted on the basis of one Option for every two Shares subscribed, will raise a total of $1,178,000, before costs.

According to a statement, the unlisted options will have an exercise price of $0.17 per share, exercisable within two years of grant. The placement will be undertaken in two tranches. The first tranche will place 8,609,674 Shares to raise 860.967.40 under the Company´s ASX Listing Rule 7.1 placement capacity and is expected to complete on or around Tuesday, 25 September.

The second tranche of the placement is subject to shareholder approval and will place 3,170,326 Shares to raise the balance of $317,032.60 and grant the total of 5,890,000 Options.

Marenica´s Managing Director Murray Hill said that a number of factors have combined to spark increased interest in the company.

“The recent positive sentiment towards the uranium sector, the granting of patents over the U-pgrade beneficiation process, continued advancement of applying U-pgrade to third-party projects and our strategy to acquire new tenements have created a positive investment environment,” he said. “We welcome new and existing shareholders for their participation in the capital raising,” he added.

Meanwhile, the statement said a general meeting of shareholders will be held as soon as practical.

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