Published: May 3, 2016 |

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Marenica Energy Ltd received strong support for its U-pgrade technology from investors by raising $697,400 through a share purchase plan and placement, well in excess of the target of $500,000.

A total of $506,000 was raised at $0.107 per share from the share purchase plan, exceeding the $400,000 underwritten amount.

A further $191,400 was raised from share placements at the same price per share.

Marenica is developing the U-pgrade process, which is new low-cost method of processing surficial uranium deposits.

The company’s estimates have indicated a potential reduction in uranium processing costs using U-pgrade of up to 70 perfent, and a reduction in capital costs of up to 50 percent compared to conventional heap leach technology.

Given the low uranium price, U-pgrade will provide a means for many potential Uranium projects to be developed at significantly lower costs and well below the current project development trigger prices.

Toro Energy and Deep Yellow are sponsoring testing of the U-pgrade ore pre-concentration process at a CSIRO facility in Perth, Western Australia.

With committed testwork programs paid for by third parties, Marenica has secured support from investors and with a relatively slow cash burn rate of its own funds.

Source: (April 26, 2016) Proactive Investors

About Marenica Energy
Marenica Energy Ltd is listed on the Australian Securities Exchange.

To stop by Marenica Energy’s website, CLICK HERE

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