Askari Metals to advance Tanzanian uranium plans with new sophisticated support
Askari Metals (ASX: AS2) is set to ramp up its Tanzanian uranium strategy after attracting the support of a new single high-net worth sophisticated investor.
A binding subscription agreement with Celtic Finance will raise a further $350,000 to support its growth plans, providing the company with further capital to advance its Tanzanian plans.
Director Gino D’Anna, said it will also open up an avenue for the company to access a broader network of funding parties.
African exploration vision
“We welcome our new investor to our register who shares our vision for exploration in Africa and our progressive strategic move to in-demand uranium in Tanzania,” Mr D’Anna said.
“We continue to build our footprint in Tanzania as due diligence continues on several advanced uranium projects and as the company progresses, we will be actively seeking to secure experienced top-level management that will be able to take Askari to the next stage and develop our key projects.
“Funds raised from this placement will allow the company to continue to expand our footprint for uranium in southern Tanzania.
“The next few months will be a busy period for Askari and this funding will allow the company to continue its strong momentum and further the advancement of our exploration and acquisition strategy.”
Major Tanzanian growth plans
The funds raised from the placement will support the company’s progressive expansion into uranium in Tanzania.
The company has recently acquired the Matemanga uranium project in Southern Tanzania and the Eyasi uranium project in northern Tanzania, through a direct application process. Matemanga is strategically located less than 70km south of the world-class Nyota uranium mine.
Previous work at Matemanga identified a significant radiometric anomaly spanning 10km x 6km. While this survey underscored substantial potential for uranium mineralisation, the previous operator prioritised other areas.
Two Eyasi anomalies
Re-processing of airborne geophysical data at the Eyasi project has revealed two discrete, linear radiometric anomalies approximately 1km in width and totalling 30km of strike. Radiometric anomalies are interpreted to be defining fluvial channel systems which are draining from primary basement granites.
Askari is also undertaking due diligence to acquire further uranium projects and is looking to build a district scale uranium portfolio in southern Tanzania.
The company is also working on a divestment strategy for its Australian exploration portfolio, which contains prospective gold, copper, REE and lithium projects.
Under the agreement, Utah-based Celtic Finance will receive a 1-for-1 free attaching option exercisable at $0.022 expiring on 31 December 2028 on those shares subscribed for pursuant to the shareholder approved placement.