Reveille Resources (LSE:ZEN), an Italy-focused uranium exploration company, began trading on the Aquis Growth Market on 7 July under the ticker REV, after it raised £2 million gross through an issue of 32 million new shares at 5p each.
Net proceeds after costs amounted to approximately £1.56 million, with the company carrying a market capitalisation of roughly £4 million.
The funds will be directed towards advancing exploration licence applications for the Novazza and Val Vedello uranium deposits in northern Italy through Italy's Environmental Impact Assessment process and securing the regulatory approvals needed to apply modern exploration techniques to the two assets.
Those deposits carry historical estimates of approximately 15 million pounds of uranium oxide (U3O8), representing an illustrative in-situ metal value of roughly US$1.2 billion at current uranium prices, though the company notes these figures are not reported under any current internationally recognised mineral resource standard.
The sites have seen more than 87,000 metres of historical drilling and roughly 17 kilometres of underground mine development since their original discovery in the twentieth century.
Executive Director Ippolito Ingo Cattaneo said the raise provides "a solid foundation from which to pursue its strategic objectives" at a time when Italy is "actively reconsidering the role of nuclear energy in its future energy mix," with Parliament currently progressing legislation for a possible reintroduction of nuclear power.
The company's next immediate milestone is progressing the Novazza and Val Vedello licence applications through the regulatory approvals process.
