The raising via a non-renounceable rights issue will be priced at 25c per share, with the company’s shares closing Friday at 27.5c.
Company backer Sprott Group has thrown its weight behind the raising, and has agreed to be involved in placing any shortfall.
Sprott holds 12.41% of Deep Yellow.
Deep Yellow expects to release drill results in coming weeks from new targets on its 100%-held ground in Namibia.
The junior is also involved in a joint venture with Japanese company JOGMEC which is funding work on other tenure in Namibia.
Deep Yellow had $1.4 million at the start of the current quarter.
Shares in Deep Yellow were uncha...