The company is raising A$8.7 million via the issue of 11.1 million new shares that qualify under the Canadian scheme at 78c per share, a premium of 22% to its last trading price, and a 36% premium to trading over the past few weeks.

 

The price at which the flow-through shares will be issued under an agreement with PearTree Securities is 1.5 times the price at which the ordinary shares will be subsequently transferred to the end buyers.

 

Flow-through shares means 92E will incur mining expenditures and to renounce tax deductions and credits to the benefit of investors.

 

The company reported strong demand from "high-quality institutional, sophisticated and professional investors".

 

With interest in nuclear power resurgent, 92E had made much of the fact 11 of 12 holes completed in its recent winter drilling program encountered mineralisation, including a number of high-grade uranium intercepts.

 

Its summer drilling campaign in the Athabasca Basin commenced late last week with a further 6000m of extensional work underway.

 

 The company's stock fell 16% this morning to 54c, valuing it below $49 million.

 

The stock has traded between 21.5c and $1.15 over the past year.