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Uranium miner’s prospecting projects expand

Uranium miner’s prospecting projects expand

A US$15 million loan will help the Peninsula Energy Limited (PEN) expand its uranium prospecting projects in the US and South Africa.

Firms: Clayton Utz (Peninsula Energy Limited); Allen & Overy (Resource Capital Fund VI LP and Pala Investments Ltd)

Deal value: US$15 million

Area: Banking and finance

Key players: Perth-based Clayton Utz partners Matthew Johnson and Rohan Mishra led the team advising PEN on its convertible loan arrangement.

Deal significance: PEN has secured US$15 million convertible loan arrangements with its major shareholders: Resource Capital Fund VI LP and Pala Investments.

The Perth-based, ASX-listed uranium miner will use the funds received under the convertible loan facilities, together with funds raised from financing alternatives subject to present negotiations, for well field ramp up activities and Stage 2 final engineering designs at the Lance Projects in the US, resource development drilling and feasibility studies at the Karoo Projects in South Africa, and general working capital purposes.

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