Basin Energy raises A$3.3 million for uranium exploration programs

Basin Energy Ltd (ASX: $BSN) has successfully secured firm commitments to raise A$3.3 million through a share placement at A$0.16 per share. The placement will issue approximately 20.9 million new fully paid ordinary shares, providing the company with additional funding capacity to expand its ongoing exploration programs at the Athabasca Basin uranium projects, including proposed maiden drilling at its North Millennium project.

Executive Commentary on Placement and Exploration Programs

Basin's Managing Director, Pete Moorhouse, expressed his delight at the support received for the offer and the exceptional standard of institutional investment added to their existing quality register. He highlighted the company's premium land package with multiple exceptional uranium exploration prospects and the additional funding allowing them to expand ongoing exploration programs, including commencing plans for maiden drilling at North Millennium in Q2 2024.

Summary of A$3.3m Placement and Future Plans

Basin Energy (ASX: $BSN) has successfully completed a A$3.3 million share placement, receiving firm commitments from existing and new domestic and offshore institutions. The proceeds from the placement will be utilized to expand the company's ongoing exploration programs at its Athabasca Basin uranium projects, including proposed maiden drilling at its North Millennium project. The placement represents a 13.5% discount to the last-close on 31 January 2024 and a 10.4% discount to the 15-day VWAP. With strong support from high-quality new and existing institutional investors, Basin is well-funded for aggressive 2024 Athabasca Basin uranium exploration programs, demonstrating its commitment to advancing its exploration activities and unlocking the potential of its premium land package with multiple exceptional uranium exploration prospects.