Adavale Resources Secures Additional Funding for Uranium Exploration

Adavale Resources Limited (ASX: ADD) has successfully raised an additional AU$82,000, bringing the total capital raised to AU$632,000 as of July 31, 2024. This funding includes participation from directors and management amounting to AU$125,000. The raised capital will be utilized to advance Adavale's uranium exploration initiatives in South Australia, particularly the MacDonnell and George Creek sites, along with the Maree Embayment Project.

The placement involves issuing approximately 210 million new fully paid ordinary shares at AU$0.003 per share, accompanied by a 1:1 free attaching option exercisable at AU$0.005 each, expiring December 31, 2027. Settlement for the first tranche of 158,500,000 new shares is expected by August 7, 2024, while the second tranche, including the directors' participation, awaits shareholder approval. GBA Capital acted as the lead manager for this placement.

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