Terra Uranium to raise $2.78 million to drill uranium projects

Terra Uranium Ltd (ASX:T92) is raising $2.78 million via a flow-through share placement. Canadian ‘flow through shares’ provide tax incentives to those investors for expenditures which qualify as flow through critical mineral mining expenditures under the Income Tax Act (Canada).

Shares will be placed at A$0.278 per share, representing a 26% premium to the company’s last closing price of A$0.22. The flow-through shares will then be immediately on-sold through a block trade agreement to select high-quality institutional and sophisticated investors.

The FTS provisions enable Terra Uranium to significantly minimise the dilution of issued capital.

Terra Uranium executive chairman Andrew Vigar said, “We appreciate the continued support of our quality investors to now move to drilling our high quality 100% owned uranium targets in the Eastern Athabasca Basin, Canada.“Following our IPO in September 2022, we have now been able to utilise the ‘flow-through share’ provisions under Canadian tax law to raise capital at […]

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