Equity Placing to Accelerate Uranium Drilling

Capital Raise

The Company has raised gross proceeds of AUD$1,000,000 via the placing of 23,809,524 Placing Shares at a price of AUD$0.042 per Placing Share.

All placees will also receive one option for each Placing Shares subscribed, being a total of 23,809,524 options (the “Placement Options”). All Placement Options will be issued under the existing ASX listed options (ASX: THROD) which are exercisable at AUD$0.09 (9 cents) and expire in January 2025.

The funds raised will be utilised for exploration activities at the Company’s uranium projects in the United States, as well as for general working capital purposes.
The Placing price represents a discount of 6.67% to the last ASX-traded price of AUD$0.045 on 15 September 23 but is a 9.38% premium to the VWAP of the last 15 trading days, prior to that date.
The Company will also grant 5,800,000 options to GBA Capital as part consideration for services provided as lead manager for the capital raise (“Broker Options”). These will be of the same class as those options issued to Australian places (ASX: THROD), having an exercise price of AUD$0.09 and expiring in January 2025.

Share Issue

The Company expects to issue 23,809,524 Ordinary Shares at AUD$0.042 per share to raise AUD$1 million, and the 29,609,524 ASX listed options utilising the Company’s existing shareholder authorities and placement capacity available under ASX listing rules 7.1 and 7.1A.

Settlement and dealings

Application will be made for the Placing Shares to be admitted to trading on ASX and AIM (“Admission”) and it is expected that Admission will become effective on or around 27 September 2023. The Placing Shares will rank pari passu with the Company’s existing issued Ordinary Shares.