Basin Energy Successfully Completes A$3.3M Placement
Basin Energy Ltd (ASX:BSN) (‘Basin’, or the ‘Company’) is pleased to announce that it has received firm commitments to raise A$3.3 million (before costs) via a share placement (‘Placement’ or ‘Offer’) to institutional, sophisticated and professional investors. The Placement will issue approximately 20.9 million new fully paid ordinary shares at A$0.16 per share. Canaccord Genuity, Discovery Capital and Cumulus Wealth Management acted as joint lead managers to the Offer.
Key Highlights
- Basin has received firm commitments to raise A$3.3 million at A$0.16 per share
- Exceptional support from existing and new domestic and offshore institutions
- Proceeds to expand ongoing exploration programs at Basin’s Athabasca uranium projects, including proposed maiden drilling at its North Millennium project
- Company well-funded for aggressive 2024 Athabasca Basin uranium exploration programs including;
- Completion of Q1 ground geophysics at its North Millennium and Marshall projects
- Q1 drilling at its Geikie project
- Q2 drilling at its North Millennium project
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin is delighted by the support received by the Offer, and the exceptional standard of institutional investment we now add to our existing quality register.
Basin controls a premium land package with multiple exceptional uranium exploration prospects. The additional funding allows us to expand on our ongoing exploration programs, including commencing plans for maiden drilling at North Millennium in Q2 2024.
On behalf of the Basin Board, I would like to thank our existing shareholders for their ongoing support and welcome new holders as we continue to explore in the heartland of the world’s premier uranium district.”
Placement
Basin received strong support from a number of high-quality new and existing institutional investors both domestically and internationally for the Placement.
Under the Placement, the Company will issue new fully paid ordinary shares at $A0.16 per share. The Placement represents a 13.5% discount to the last-close on 31 January 2024 (A$0.185 per share) and a 10.4% discount to the 15-day VWAP (A$0.179 per share).
The Placement shares will be issued within the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Settlement of the Placement shares is expected to occur on Thursday, 8 February 2024. All Placement shares will rank equally with the Company’s existing shares on issue.
The Placement timetable is indicative only and subject to variation. The Company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX Listing Rules and the Corporations Act (Cth).
Click here for the full ASX Release
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