Atomic Eagle shareholder provides funding commitment through early option exercise
ASX-listed uranium development company Atomic Eagle has reported that its largest shareholder Menel Energy and Resources has signed a binding commitment to exercise an aggregate of about 35-million options at an exercise price of $0.31 per option on or before October 28.
Atomic Eagle says that, based on its unaudited cash position of about $12.1-million, the receipt of the committed option exercise proceeds will increase its available cash to about $23-million.
This would provide sufficient funding capacity to execute the company’s current growth strategy through 2028 without requiring near-term equity financing.
“The commitment leaves the company fully funded to accelerate delivery of our objectives across both our exciting uranium projects in Zambia and Niger.
“This decision is a powerful vote of confidence from a shareholder with a long history alongside our projects and allows us to pursue both Zambia and Niger in parallel, rather than sequentially,” Atomic Eagle CEO Phil Hoskins says.
As the company’s largest shareholder, Menel has maintained a close relationship with Atomic Eagle throughout its transformation and has sound knowledge of its asset portfolio, growth strategy and business objectives.
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