Peninsula Energy makes $15m placement
- 23 June, 2011 19:23
Peninsula Energy (ASX:PEN) has announced a $15 million share placement with North America's NuCore Energy.
Mineral explorer Peninsula Energy said it had arranged to place shares worth $15 million to NuCore, at a 50% premium to its average share price in the 10 days after it publishes a feasibility study for a US uranium project.
Each share to be accompanied by one free attaching option, exercisable at 3 cents and expiring at the end of 2015.
Under the terms of the placement, Peninsula will appoint NuCore's CEO, Jim Cornell, to its board. Cornell will take the role of executive director of sales and marketing.
Peninsula said the deal will also provide it with the opportunity to be counselled by Boswell Capital Corporation, a Toronto-based corporate advisory firm that has clients in both the nuclear and natural resources sectors.
Boswell will provide Peninsula with guidance on investment, Uranium sales and marketing and establishing contacts in the US and global nuclear industries, Peninsula said.
PEN shares stayed flat in Thursday's trading at $0.067.