Greenvale Energy Raises $3.25m for Next Round of Exploration at Thunderball Uranium Project

Greenvale Energy (ASX: GRV) has received firm commitments to raise approximately $3.25 million to underpin exploration and growth at its Thunderball uranium project in the Northern Territory.

Investors will be issued with a total 98.48 million shares priced at $0.033 each, representing a 13.2% discount to the last traded price of $0.038 and an 18.7% discount to the five-day volume weighted average price of $0.0406.

Each share will include a free attaching unlisted option on a one-for-two basis, with an exercise price of $0.07 per option and an expiry date of two years from issue.

Greenvale directors have committed to subscribe for 3.03 million shares to raise a further $100,000.

Thunderball Field Program

Proceeds from the raising will be applied to an ongoing field program including a mapping and sampling program that began last month, and a ground-based geophysical survey for the initial investigation of airborne radiometric uranium anomalies.

The program aims to define a set of drill-ready targets in order to continue the development of Greenvale’s exploration model for the area.

A portion of the funds will be used for administrative matters relating to the Pine Creek uranium project acquisition from Patronus Resources (ASX: PTN).

The company is also seeking to advance Test Program 7 for the Alpha torbanite-cannelite project in Queensland with product refinement and processing work currently being undertaken by third-party contractors.

Share Register Step-Change

Managing director Alex Cheeseman said the raising attracted strong interest from new institutional shareholders, providing a step-change to the company’s register.

“The successful completion of this strongly supported capital raise represents an important step forward for Greenvale and provides us with a strong financial foundation for the next phase of growth,” he said.

“The funds will allow us to accelerate exploration at Thunderball at a particularly exciting stage of the project’s development, [with] our immediate focus converting the encouraging radiometric and geological datasets into high-quality drill targets while also progressing the recently announced Pine Creek acquisition.”

“We are particularly pleased to welcome a number of new institutional investors to our register—their participation reflects growing recognition of the quality and potential of our assets and strengthens our shareholder base at a particularly exciting stage of Thunderball’s development.”