Peninsula Energy Completes A$36.1 Million Equity Raise and Secures US$30 Million Debt
Peninsula Energy has completed a fully underwritten A$36.1 million equity raising, supplemented by a US$30 million convertible debt facility, bolstering its financial firepower as it ramps up uranium production at its Lance Project.
- A$36.1 million fully underwritten equity raise completed
- Retail entitlement offer raised A$2.7 million with A$4.2 million shortfall covered by underwriters
- US$30 million senior secured convertible note facility secured with Soul Patts
- Shareholder approval sought for convertible note and related share issuance
- Funds to support operational ramp-up of Lance Uranium Project in Wyoming
Equity Raise Closes with Underwriting Support
Peninsula Energy (ASX:PEN) has wrapped up a fully underwritten A$36.1 million equity raising, combining an institutional placement and a retail entitlement offer. The retail component, which closed on 4 June 2026, raised approximately A$2.7 million, falling short of the A$6.9 million target. The shortfall of about A$4.2 million will be absorbed by the underwriters, Canaccord Genuity and Shaw and Partners, ensuring the full amount is raised.
The institutional placement and entitlement offer had already secured A$29.2 million before costs, with the retail offer completing the final tranche. New shares from the retail offer are expected to settle on 11 June and be allotted on 12 June, ranking equally with existing shares.
Convertible Debt Facility with Soul Patts
Alongside the equity raise, Peninsula has secured a binding commitment for a US$30 million senior secured convertible note debt facility with SP Financing 1 Pty Limited, an affiliate of Soul Patts. This facility includes conversion rights allowing Soul Patts to convert the debt into shares, subject to shareholder approval expected at an extraordinary general meeting (EGM) on 2 July 2026.
If shareholders approve, the debt will convert into a new convertible equity security. Should approval not be granted or lapse, the conversion will be settled in cash based on the company’s share price, with a floor at 100% of the principal amount. The final drawdown of this facility awaits execution of a definitive investor facility agreement, expected shortly.
Strengthening Financial Position for Production Ramp-up
Peninsula’s Managing Director George Bauk highlighted that the combined equity raise and debt facility significantly strengthen the company's financial position. This enhanced capital base provides flexibility as the company advances the operational ramp-up of its Lance Uranium Project in Wyoming, which restarted production in September 2025 and is progressing under an updated operational plan.
The support from existing shareholders, new institutional investors, and Soul Patts as a cornerstone investor is seen as a strong endorsement of Peninsula’s strategy and the project’s long-term value. Non-executive directors have also committed to participate, subject to shareholder approval, underscoring internal confidence.
Shareholder Approval and Next Steps
The upcoming EGM will be pivotal in approving the convertible note issuance and the potential share conversion rights. Approval validity will last three months post-EGM, with the possibility of seeking further approvals if conversion rights are exercised later. The company’s next moves include finalising the debt facility agreement and monitoring the ongoing production ramp-up at Lance.
Bottom Line?
Peninsula’s successful capital raise and debt facility position it well for the next phase of uranium production growth, but shareholder approval and execution of financing agreements remain key upcoming hurdles.
Questions in the middle?
- Will shareholder approval for the convertible note and share issuance be secured at the July EGM?
- How swiftly will Peninsula draw down the US$30 million debt facility following final agreement execution?
- What operational milestones at Lance Uranium Project will the strengthened balance sheet enable in the near term?
