Marenica Energy continues to expand its tenement footprint in uranium. It has now applied for five tenement applications in Namibia, which it believes to be prospective for calcrete-hosted uranium mineralisation.
All tenement applications are currently undergoing due process with Namibia’s Ministry of Mines and Energy.
These applications complement Marenica’s namesake project and the recently acquired Mile 72 project in Namibia.
Marenica announced that the company is debt free, having eliminated debt of $1.65 million by the issue of 2.85 million shares to Hanlong Energy at the pre-agreed price of $0.58 per share.
Marenica also placed 3 170 326 shares to raise $317 032.60 in tranche 2 of a capital raising announced in September. In total the placement raised $1 178 000 before costs.
Following completion of the placement the company has $1.6 million cash at bank.
“The company is now debt free and comfortably funded to continue its strategy of acquiring projects and new tenements with mineralisation amenable to U-pgrade, whilst continuing to advance the company’s U-pgrade beneficiation process to third-party mining and development projects,” comments Marenica MD Murray Hill.
“We have excellent working relationship with the authorities in Namibia and now that we are debt free and cashed up, we can increase our development efforts in Namibia.
“We are pleased to be in this position at the same time as Deep Yellow is having exploration success at the Tumas Deposit EPL 3497 in Namibia, with some exciting results only 200 m west of Marenica’s tenement application EPL 6987,” Hill continues.