The placement to undisclosed investors was priced at 15c per new share, and follows a $2 million fundraising last October priced at 19c.

Okapi will use some of the funds to help complete a binding agreement to become 19.9% shareholder in private Australian company Ubaryon for $3.1 million, with Ubaryon developing a "novel" uranium enrichment technology.

Other funding is earmarked for Okapi's substantial portfolio of uranium assets in North America, where drilling is planned at three of the projects in 2023, and general working capital.

Okapi said it would be providing updates in the near-term on high-impact exploration drilling at its Newnham Lake and Perch projects in the Athabasca Basin, Canada with drilling expected to commence midyear.

Shares in Okapi were up nearly 30% to 22c in morning trade, capitalising the company at $32.5 million.