Core Energy’s $3.7M Raise Hinges on Shareholder Approval Amid Ambitious Exploration Plans

• Raised $3.7 million via two-tranche placement at $0.019 per share
• Jose Luis Manzano invests $1.15 million, becoming a substantial shareholder
• Funds allocated to exploration in South Australia, Brazil, and Namibia
• Directors collectively committed $220,000 in the placement
• Exploration activities to commence in Q1 2025, including drilling at Cummins Project

Capital Raising Strengthens Core Energy’s Financial Position

Core Energy Minerals (ASX:CR3) has successfully completed a $3.7 million capital raising through a two-tranche placement priced at $0.019 per share, representing a 10% discount to recent trading prices. The placement attracted strong support from both new and existing institutional, professional, and sophisticated investors, including all company directors. This infusion of capital significantly bolsters Core Energy’s balance sheet as it prepares to advance its uranium exploration projects.

Cornerstone Investor Brings Strategic Value

A highlight of the placement is the $1.15 million investment by Mr Jose Luis Manzano, founder and president of Integra Capital. Mr Manzano’s involvement is notable not only for the size of his stake but also for his history of backing Core Energy’s leadership team in previous successful ventures. His commitment includes the right to appoint a nominee to Core Energy’s board, provided his shareholding remains above 12%, signaling a deeper strategic partnership.

Exploration Plans Across Multiple Jurisdictions

The capital raised will primarily fund exploration activities across Core Energy’s uranium portfolio, which spans South Australia, Brazil, and Namibia. The company plans to initiate on-ground exploration at the Cummins Project in South Australia in the first quarter of 2025, including mapping, confirmatory drilling, and geophysical surveys. Drilling is expected to commence promptly after receiving statutory approvals. Parallel work will continue to generate drill targets in Brazil and Namibia, reflecting Core Energy’s commitment to advancing multiple projects simultaneously.

Director Participation and Shareholder Approval

All directors have demonstrated confidence in the company’s prospects by committing a combined $220,000 to the second tranche of the placement, which is subject to shareholder approval. The company will convene a general meeting to seek approval for the issuance of the tranche 2 shares and associated options. These options, exercisable at $0.035 and expiring in March 2027, will be issued on a one-for-one basis with shares subscribed in the placement, potentially providing additional upside for investors.

Strategic Outlook and Market Positioning

Core Energy’s leadership, including Executive Director Anthony Greenaway and Chairman Chris Gale, both with strong track records in resource ventures, are steering the company toward unlocking value in tier-one uranium jurisdictions. The recent acquisition agreements for uranium projects covering over 2,300 square kilometers in South Australia underscore the company’s ambition to become a significant player in the uranium sector. With the funds secured and exploration activities imminent, Core Energy is positioning itself to capitalize on the growing demand for uranium amid the global energy transition.

Bottom Line?

With fresh capital and a strategic investor onboard, Core Energy is set to accelerate exploration and unlock value in key uranium regions.

Questions in the middle?

• Will shareholder approval for the second tranche and options be secured without delay?
• How quickly can Core Energy translate exploration results into resource upgrades or development milestones?
• What impact will Mr Manzano’s board representation have on Core Energy’s strategic direction?