92 Energy Raises AU$5.5 million for Gemini Uranium Project

92 Energy Limited (ASX: 92E) has successfully raised AU$5.5 million through a combination of a flow-through shares placement and an institutional placement of fully paid ordinary shares. The flow-through share placement raised AU$5 million by issuing 12.3 million new shares at AU$0.41 per share, representing an 18.8% premium to the last closing price. Additionally, the company raised a further $500,000 through the institutional placement of 1.67 million shares at AU$0.30 per share.

The funds will primarily be used to support drilling at the Gemini uranium project in Canada's Athabasca Basin. The drilling program, starting in August, aims to expand the known high-grade mineralization at the Gemini mineralized zone, which remains open. The company believes there is significant growth potential in both the Gemini mineralized zone and along the northward trend. The flow-through shares placement offers tax incentives to eligible Canadian investors, allowing them to deduct mining expenditures and receive applicable tax credits. Following settlement of the flow-through shares, the institutional placement will be made available to investors in Australia and other countries.

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