Peninsula Secures Additional Project Funding

- October 14th, 2016

Peninsula Energy (ASX:PEN) is pleased to announce that it has entered into agreements with major shareholders Resource Capital Fund VI L.P. (RCF VI) and Pala Investments Ltd (Pala) to increase the total funding from US$15 million to US$20 million under the existing convertible loans.

Peninsula Energy (ASX:PEN) is pleased to announce that it has entered into agreements with major shareholders Resource Capital Fund VI L.P. (RCF VI) and Pala Investments Ltd (Pala) to increase the total funding from US$15 million to US$20 million under the existing convertible loans.
Highlights

  • Further project funding secured to continue Lance Projects development;
  • Major shareholders Resource Capital Fund VI L.P. and Pala Investments Ltd continue their support of Peninsula by increasing the convertible loan facility from US$15m to US$20m;
  • Final binding agreement nearing completion on US$25m Revenue Streaming Facility;
  • September quarter production 54,000 lbs U3O8, increase of 25,000 lbs U3O8 over June quarter production of 29,000 lbs U3O8
  • Production ramp up continues with 5 th header house scheduled to be commissioned in October 2016 and header houses 6 & 7 scheduled for November & December;
  • Completed Stage 2 expansion expected to reduce projected all-in sustaining cash costs by US$9-10/lb

Total proceeds from the convertible loans will be mainly used for general well field development activities at the Lance Projects, resource development drilling, final stage 2 engineering design, and for general working capital purposes.
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