C29 Metals Expands Portfolio with Ulytau Uranium Project Acquisition and Capital Raise
C29 (C29) Share Update July 2024 Monday 29th
C29 Metals Announces Acquisition of Ulytau Uranium Project and Successful Capital Raise
C29 Metals Limited (ASX:C29) has announced significant developments for the quarter ending 30 June 2024, including the acquisition of the Ulytau Uranium Project in Kazakhstan and a successful capital raise of $1.93 million.
Instant Summary:
- Acquisition of Ulytau Uranium Project in Kazakhstan.
- Two additional license applications lodged for surrounding areas.
- Completion of Tranche 2 Placement, raising $1.93 million.
- Appointment of new CFO and Company Secretary, Ms. Ailsa Osborne.
- Appointment of Geological Competent Person, Mr. Alan Marlow.
- Successful engagement with local community and signing of a social support agreement.
Acquisition of Ulytau Uranium Project
C29 Metals Limited has approved the acquisition of the Ulytau Uranium Project located in Kazakhstan, the world's leading uranium producer. The project is near Lake Balkhash and the Bota-Burum Mine, offering a strategic location for uranium exploration and production.
Following the acquisition, C29 Metals has also lodged two additional license applications for areas surrounding the Ulytau Uranium Project, covering approximately 252 square kilometers. These applications are currently under review by the Kazakhstan Ministry of Natural Resources.
Capital Raise and Financial Updates
During the quarter, C29 Metals completed a Tranche 2 Placement, raising $1.93 million before costs. This capital will support the company's exploration activities at the Ulytau Uranium Project. As of 30 June 2024, the company held $2.233 million in cash.
An Extraordinary General Meeting of Shareholders was held on 6 May 2024, with all resolutions carried by vote. Additionally, the company appointed Ms. Ailsa Osborne as the new Chief Financial Officer and Company Secretary, replacing outsourced financial and company secretarial services.
Community Engagement and Corporate Developments
C29 Metals has engaged with the local community in the village of Aksuyek, signing a social support agreement with the district government. This agreement outlines the company's commitment to supporting community development projects.
The company also appointed Mr. Alan Marlow, a renowned uranium expert, as the Geological Competent Person. This appointment replaces previous competent persons for the Ulytau Uranium Project and other company projects.
The acquisition of the Ulytau Uranium Project positions C29 Metals strategically within a leading uranium production region, potentially boosting the company's growth prospects. The successful capital raise provides the necessary funds for exploration activities, which could lead to future resource discoveries and increased shareholder value.
The appointment of experienced professionals in key roles enhances the company's operational capabilities and governance. Engagement with the local community and the signing of a social support agreement demonstrate C29 Metals' commitment to sustainable and responsible mining practices.
Investor Reaction:
Investors have reacted positively to the acquisition and capital raise, viewing these developments as strategic moves that enhance C29 Metals' growth potential. Analysts have highlighted the importance of the Ulytau Uranium Project in expanding the company's resource base and its potential impact on future earnings.
Conclusion:
Investors should closely monitor C29 Metals' progress with the Ulytau Uranium Project and the outcomes of the exploration activities. The company's strategic initiatives and community engagement efforts are likely to play a crucial role in its long-term success. Stay informed on C29 Metals' developments and consider the potential impact on your investment portfolio.