Peninsula Energy: Restarts Lance operations with $35m equity raise

Peninsula Energy: Restarts Lance operations with $35m equity raise

• Peninsula Energy (PEN) will restart uranium production operations at the Lance projects in Wyoming after completing a final investment decision (FID)
• The company is raising $35 million through a placement and share purchase plan to transition to a low pH in-situ recovery process and to advance the Kendrick production area
• The equity raise comprises a fully underwritten institutional placement to raise $32 million and a share purchase plan (SPP) to raise up to another $3 million
• PeninsulaEnergy expects production activities to commence at the Ross area in Q1 2023 and will also undertake a resource drilling program at Kendrick
• Shares in Peninsula last traded at 15.5 cents at 3:24 pm AEDT