Adavale Resources secured commitments to raise $1.5 million through a private placement at $0.007 per share for uranium and nickel exploration.

New and professional investors backed the funding. Melbourne-based broker Peak Asset Management led the raise.

The placement comprises the issuance of approximately 214 million new fully paid ordinary shares.

Funds will support exploration activities across the company’s uranium and nickel projects, including the launch of an exploration program at the Lake Surprise Uranium Project and continuing exploration efforts at Luhuma Central in Tanzania.