Marenica Energy (ASX:MEY) is raising $356,000 from a share placement to China’s Mingsun Technology Co Limited for further development and commercialisation of its patented U-pgrade™ process.
The company is placing 1.5 million shares priced at $0.2373 each to Mingsun.
Marenica is in the early stages of an U-pgrade™ testwork program on an ore sample from a uranium project owned by Toro Energy (ASX:TOE).
Commercialisation of the process is expected, initially, through the development of a pilot plant and then, potentially, a subsequent joint venture providing access to a suitable uranium ore resource.
The development pathway could lead to Mingsun becoming a cornerstone investor for U-pgrade™ commercialisation.
The process upgrades low-grade calcrete uranium deposits, potentially halving operating and capital costs, creating the potential to convert previously uneconomic deposits into viable projects.
News: Marenica Energy raising funds from Chinese investor
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