Perth-based uranium exploration company Newera Uranium (ASX: NRU) has entered into an agreement with Minc Stockbroking to raise $473,379 by way of a placement of 14,344,843 shares at 3.3
cents per share.
The placement will be made under the Company’s 15% capacity pursuant to Listing Rule 7.1 and the shares will be subscribed by wholesale and institutional investors.
Newera Executive Chairman Martin Blakeman said the funds raised would be used to fund the company's drilling program at Jailor Bore and for general working capital purposes.
Newera’s Jailor Bore Project lies approximately 200km NE of Carnarvon and 150km north and slightly west of Newera’s Pells’ Range project. The project comprises three leases, one of which is operated by Newera under a JV agreement and one of which is in application.
Disclosure: The author holds no positions in the company