Peninsula believes the purchase is a "low-risk strategy that has the potential to deliver considerable upside value for shareholders" given the "focused and continued drive by the United States government to support and revitalise the domestic uranium industry".

Peninsula also claims the purchas is "strategically aligned with the planned preparations for the company's flagship Lance project transition to low pH ISR operations".

Lance, in Wyoming, is at the demonstration stage, and is pitched as a low-capex ($6 million) start-up that will take six months to bring into production once an investment decision is made.

The project could initially produce 1.1 million pounds per annum at all-in sustaining costs of $41/lb.

There is some consensus in the sector that uranium pricing of about $60/lb is needed to incentivise significant project builds.

Peninsula started the current quarter with $6.8 million cash.

Shares in Peninsula were down 8% to A17c in morning trade, capitalising the company at $152 million.

New shares in the $13.4 million placement were priced at 15c each, with a share purchase plan for another $2 million to be offered to shareholders.