Arkle Resources plc has expanded into uranium with an 85% interest in Namibia Uranium Pty Ltd, for £2.032 million in shares and cash raised through a “significantly” oversubscribed fundraise.
DIRECTORS’ DEALINGS
Namibia Uranium holds four exclusive prospecting licences, adjacent to three major uranium deposits of Trekkopje, Marenica and Rössing in the Erongo Region.
Arkle said that interpretation of the seller’s airborne radiometric data had identified “significant uranium anomalies” on all the licences.
The raised funds will go towards ground and airborne geophysics, mapping, and up to 4,000 metres’ reverse circulation drilling.
The fundraise comprised a placing of 323,750,000 ordinary shares, and a subscription for 101,250,000 ordinary shares, for a combined 425m ordinary shares of €0.0025 each, raising £1.7m, at price of 0.4p per ordinary share.
Arkle also paid an initial £375,000 cash to the sellers.
The company will issue, in aggregate, 305m new ordinary shares and staged cash payments of a total £812,000.
Of the 305m shares to be issued, Arkle will issue 117.5m to Dublin-based Oakridge Vision Ltd to acquire its option over the 85% interest in Namibia Uranium.
A total of 187,500,000 shares will be issued to the shareholder of Namibia Uranium, Aron Haludilu, for his 85% interest in Namibia Uranium.
Arkle executive chairman John Teeling subscribed for 3,437,500 new shares, and holds 63,718,035 shares equal to 4.43% of the enlarged share capital.
Non-executive director David Cockbill subscribed for 3,125,000 new shares, taking his interest to 29,893,741 shares (2.04%).
The company also issued 7.5m ordinary shares to an adviser.
Following admission of the aggregate 737.5m ordinary shares, the company’s enlarged issued share capital will total 1,468,977,664 ordinary shares.
Arkle does not hold any ordinary shares in treasury.
COMPANY MOVES
In addition to the acquisition and fundraise, Arkle has made expanded its board of directors.
Rory Harding has been appointed as interim chief executive officer, Robin Birchall as non-executive director and Mark Burnett as a strategic adviser, with immediate effect.