Peninsula Energy has successfully completed the first tranche of a fully underwritten A$69.9 million equity raise, securing strong institutional support including cornerstone investors Tees River and Davidson Kempner. The company now opens its retail entitlement offer to shareholders, aiming to fund the ramp-up of uranium production at its Lance Project in Wyoming.
- A$30.9 million raised in Tranche 1 institutional placement and entitlement offer
- Cornerstone investors Tees River and Davidson Kempner commit significant funds
- Retail entitlement offer opens 29 August, closes 9 September 2025
- Equity raise fully underwritten by Canaccord Genuity and Shaw and Partners
- Directors to subscribe for shares pending shareholder approval
Strong Institutional Backing
Peninsula Energy Limited (ASX, PEN) has announced the successful completion of the first tranche of its fully underwritten A$69.9 million equity raising, securing A$30.9 million from institutional investors. This milestone reflects robust demand from both existing and new shareholders, notably with cornerstone commitments from Tees River Uranium Fund Limited and Davidson Kempner Capital Management LP. Tees River alone subscribed for A$7.5 million, while Davidson Kempner contributed A$3.8 million, including a US$1.5 million offset against existing debt.
Retail Entitlement Offer Opens
Following the institutional bookbuild, Peninsula is now inviting eligible retail shareholders in Australia and New Zealand to participate in the retail entitlement offer, which opens on 29 August and closes on 9 September 2025. Shareholders can acquire new shares at A$0.30 each on a one-for-one basis relative to their existing holdings. Additionally, those who fully subscribe have the option to apply for extra shares through an oversubscription facility, capped at 50% of their entitlement.
Funding the Lance Project Ramp-Up
The funds raised will support the ongoing ramp-up of uranium production at Peninsula’s 100% owned Lance Project in Wyoming, one of the largest independent near-term uranium developments in the United States. Production recommenced in December 2024, and the company is progressing towards full operational capacity with a new central processing plant. Managing Director George Bauk emphasized the strategic importance of this capital raise, describing it as a critical step to transform Lance into a sustainable yellowcake producer for energy markets in the US and internationally.
Governance and Underwriting
The equity raise is fully underwritten by Canaccord Genuity (Australia) Limited and Shaw and Partners Limited, providing a safety net for the capital raise. Directors David Coyne, George Bauk, and Brian Booth have also committed to subscribing for shares worth A$231,000, subject to shareholder approval at an upcoming extraordinary general meeting expected by the end of September 2025. The second tranche of the placement, conditional on shareholder approval, aims to raise an additional A$7.5 million.
Looking Ahead
With the institutional component complete and retail participation underway, Peninsula Energy is poised to strengthen its financial position and advance the Lance Project’s production goals. The company’s methodical approach to resetting the project underscores its commitment to long-term success in the uranium sector, a market increasingly focused on clean energy solutions.
Bottom Line?
Peninsula’s successful capital raise sets the stage for a pivotal growth phase, but retail uptake and shareholder approvals will be key to sustaining momentum.
Questions in the middle?
- Will retail shareholders fully subscribe to their entitlements and the oversubscription facility?
- How will the market react to potential dilution from the second tranche and director share subscriptions?
- What are the key production milestones for the Lance Project in the coming months?