News: Anatolia Energy raising $6M for Temrezli uranium project

Anatolia Energy (ASX:AEK) should trade firmer after a $6 million placement which ensures its Temrezli Uranium Project in Turkey is fully funded to the decision to mine.

Anatolia has received commitments for the placement of 75 million shares at $0.08, with 1 for 2 attaching options exercisable at $0.12.

The placement was strongly over-bid, with support received from existing shareholders as well as new institutional and sophisticated investors in Australia, UK and Asia.

Despite recent increases in the uranium price, it is still an impressive feat to raise this amount for a uranium project in current equity market conditions, and demonstrates the quality of the deposit and management.

Uranium prices have moved above $31 per pound in recent days, hence the recent rally in uranium stocks.

Anatolia is to fast-track an exploration program at high priority prospects in proximity to Temrezli, offering the potential for satellite operations to add scale to the operation.

Drilling is planned for the high grade Sefaatli Project in the fourth quarter.

Sefaatli is located 40 kilometres from Temrezli, and planning is underway for an airborne radiometric survey over the corridor between the Temrezli and Sefaatli uranium projects.

The Pre-Feasibility Study for the Temrezli Project remains in track for delivery early in the December quarter this year.  

Anatolia’s latest drilling at the project intersected uranium mineralisation at depths ranging between 20 metres to 133 metres, with most holes intersecting two or more lenses, and one hole intercepting five stacked lenses.