Kayelekera uranium project to restart
The Kayelekera uranium project in Malawi is set to be restarted. Lotus Resources secured A$130 million ($87 million) through a non-underwritten two-tranche placement at A$0.25 per share, aimed at accelerating the restart of the project.
Originally planned for A$110 million, the placement was increased due to strong interest from both existing and new institutional investors across domestic and international markets. The funds will support capital investment and working capital for the project, targeting operational readiness by Q3 2025.
Placement
The placement consists of approximately 520 million new shares, issued in two tranches. The first tranche, not requiring shareholder approval, will raise around A$66.9 million with an issue date of 29 October. The second tranche, contingent on shareholder approval, will raise approximately A$63.1 million. Additionally, a Share Purchase Plan (SPP) will offer existing investors the opportunity to participate under the same terms.
Lotus CEO Greg Bittar expressed gratitude for the robust investor support, particularly from international participants, and reaffirmed the company’s goal to advance the Kayelekera project and establish itself as a prominent uranium producer by 2025.
“The SPP provides existing investors the opportunity to participate on the same terms as the institutional and sophisticated investors. We look forward to advancing Kayelekera and delivering on our vision of becoming the next global uranium producer in 2025.”
