Greenvale Energy Ltd. has raised AU$3.25 million through a heavily oversubscribed share placement to accelerate exploration at its Thunderball uranium project in the Northern Territory.
The placement was upsized from an initial $3 million target following strong demand from new and existing investors.
Under the placement terms, Greenvale will issue approximately 98.5 million new shares at an issue price of 3.3 cents per share.
Each share includes a free attaching unlisted option on a one-for-two basis, exercisable at 7 cents with a two-year expiry, subject to shareholder approval.
Greenvale directors have also committed an additional AU$100,000 across 3 million shares under the same terms.
Proceeds from the capital raise will primarily fund field programs across the Thunderball project area. Current work includes geological mapping, surface sampling, and ground-based geophysical surveys designed to test airborne radiometric anomalies and establish high-priority, drill-ready targets.
The main objective for the field program is to define a set of drill-ready targets in order to continue the development of Greenvale’s exploration model for the area.
“The funds will allow us to accelerate exploration at Thunderball at a particularly exciting stage of the project’s development,” said Greenvale Managing Director Alex Cheeseman
“Our immediate focus is converting the encouraging radiometric and geological datasets into high-quality drill targets while also progressing the recently announced Pine Creek acquisition.”
The placement shares are expected to settle on July 31, with allotment scheduled for August 3.
In addition to its Northern Territory uranium portfolio, which includes advancing administrative processes for the acquisition of the Pine Creek Uranium Project from Patronus Resources, Greenvale is continuing product refinement and processing work for Test Program 7 at its Alpha Project in Queensland.
