Core Energy Minerals raises $3M for uranium joint venture

• Core Energy Minerals secured $3 million in commitments through a two-tranche capital placement.
• The company issued up to 504 million new shares at $0.006 per share, representing a 25% discount to its last closing price of $0.0080.
• Capital raised from the placement will fund on-ground exploration across the Nova Uranium Joint Venture in Namibia.

Core Energy Minerals (ASX:CR3) secured $3 million through a two-tranche placement of up to 504 million new shares to fund exploration work at its Nova Uranium joint venture in Namibia.

The placement issue price of $0.006 per share represents a 25% discount to the company's last closing price of $0.008 on Sept. 1.

"We are delighted with the strong support received for the $3 million placement, reflecting confidence from both new and existing investors," said Core Energy Minerals Managing Director Tony Greenaway.

Tranche 1 will issue up to 178.08 million shares under existing placement capacity, while Tranche 2 will issue up to 326.08 million shares subject to shareholder approval.

The capital injection will allow the business to begin field work immediately across its exploration tenure.

Following the announcement, the Core Energy Minerals share price was unchanged at $0.008.

The company recently entered an earn-in agreement to expand its presence in the Erongo uranium province in Namibia.

Substantial shareholder Jose Luis Manzano contributed $1 million to the raising to increase his overall holding in the business to 15.7%.