GTI Energy raises $2.25 million to fund uranium resource drilling

Proactive - Interviews for investors

GTI Energy Ltd (ASX:GTR) executive director Bruce Lane sits down with Elisha Newell in the Proactive Australia studio to discuss the company’s share placement and upcoming resource drilling at the Lo Herma ISR uranium project in Wyoming, USA. GTI has secured commitments to raise $2.25 million through the placement of 500 million new shares to existing and new institutional and sophisticated investors. The shares will be issued at $0.0045 each, with one free attaching option for every three shares. These options will have an exercise price of $0.01 per share and will expire four years from the date of issue. GTI Energy has also planned a non-renounceable pro-rata rights entitlement offer for existing shareholders under similar terms to the placement. The funds will be used for a scoping study and resource drilling at the Lo Herma in-situ recovery (ISR) uranium project in Wyoming, and to advance exploration at the company’s Green Mountain and Utah projects. The Lo Herma 2024 drilling program will involve the drilling of 71 holes and constructing up to five groundwater monitoring wells with drilling expected to commence in July. The company has contracted a preferred Wyoming-based exploration drilling contractor for this work. The drilling permit is currently under review by the State of Wyoming’s Land Quality Division. Once completed, GTI will publish an updated mineral resource estimate and exploration target range for Lo Herma to support a scoping study. #ProactiveInvestors #GTIEnergy #ASX #Uranium, #ResourceDrilling, #ScopingStudy, #LoHerma, #Wyoming, #GreenMountain, #UtahProjects #ISRUranium #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews