Select Page

Marenica raises AU$1.6 million to continue uranium exploration in Erongo Region

Marenica raises AU$1.6 million to continue uranium exploration in Erongo Region

Australian Stock Exchange listed company, Marenica Energy Limited recently stated that it has
completed a capital raising for a total of AU$1.6 million, before costs.

In a statement last week on SENS platform, Marenica said the Placement was completed to sophisticated and new institutional shareholders. Patersons Securities Limited was lead manager to the Placement.

According to the company, the funds raised will be applied to fund exploration activities and working capital, including to: continue to explore Marenica´s Namibian uranium tenement portfolio and in particular, its extensive tenement position in the Erongo region.

During the calendar year, Marenica was granted five new tenements in the Erongo region and it plans to progressively explore each tenement as soon as possible.

According to Marenica, drilling has commenced on the first of those tenements, being EPL 6987, known as Koppies.

Marenica Managing Director Murray Hill said over the past 12 months, the company has assembled an impressive portfolio of tenements and in the near-term, they expect to have the largest uranium tenement holdings in Namibia.

“We are excited about the potential of the drilling which has recentlycommenced on EPL 6897 in Namibia and the expected extensions of that drilling into our tenement applications,” he said.


About The Author

The Staff Reporter

The staff reporter is the most senior in-house Economist reporter. This designation is frequently used by the editor for articles submitted by third parties, especially businesses, but which had to be rewritten completely. - Ed.