Neo Energy Metals (LSE:NEO) raised gross proceeds of £1.75 million through a placing of 269.23 million new shares at 0.65p each.
The issue price represents an 18.75% discount to the 0.8p closing mid-market price on 24 September, the last practicable date before the announcement.
The London listed uranium and gold developer will use the net proceeds to complete the Section 11 consent process at the Beatrix 4 Shaft Mining Area, known as the New Beisa Node, the last condition precedent to acquiring the asset from New York-listed Sibanye-Stillwater.
Having secured Sibanye-Stillwater's own Section 11 consent on 17 August, the regulatory process now sits with the Department of Mineral and Petroleum Resources reviewing Section 102 applications, ahead of Neo Energy submitting its own Section 11 application for the mining right.
Proceeds will also fund technical and project planning work running in parallel, plus working capital while conditions are satisfied.
Once completed, the acquisition gives Neo Energy two South African uranium projects with a combined JORC- and SAMREC-compliant resource of 31.6 million pounds of uranium and 1.2 million ounces of gold.
Non-executive chairman Neal Froneman is subscribing £100,000 for 15.38 million placing shares.