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Peninsula Energy Directors Take Up Shares In Rights Entitlement

Peninsula Energy (ASX:PEN) directors have demonstrated their support for the company and its Lance ISR uranium projects in Wyoming through their participation in its recent entitlement offer.

The fully underwritten offer was part of a broader $69.4 million raising to complete construction of Stage 1 of the Lance project.

Executive chairman Gus Simpson acquired 14,958,669 shares totalling $299,173.38, bringing his total indirect interest to 67,674,946 shares.

Non-executive director Warwick Grigor subscribed for $90,572.76 worth of shares (4,528,638 shares). This took his indirect holding up to 11,926,369 shares.

Technical director Alfred Gillman subscribed for 1.5 million shares totalling $30,000, increasing his direct and indirect holding up to 12,476,731 shares while non-executive director Neil Warburton acquired $20,226.74 worth of shares, or 1,011,337 shares.

Warburton now has an indirect holding of 2,655,787 shares.

Peninsula is poised to be the ASX's next uranium producer in 2015.

Its Lance Projects in the Powder River Basin have JORC ISR Resources of 53.7 million pounds of U3O8, the largest of its kind in North America.

It also has significant exploration targets estimated at 158 - 217 million pounds of U3O8.

The Lance Projects are fully permitted for U3O8 production at the rate of 3 million pounds per year, and in Stage One will produce 500,000 - 700,000 pounds of U3O8 per year, constituting 10% of U.S. U3O8 production.

The Project is highly scalable and can ramp up production to maximum permitted levels (3,000,000 pounds of U3O8 per year) as demand and pricing for U3O8 increase and maintain a mine life that will span many decades.

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