Australia-based Peninsula Energy Limited has pulled down $36 million in funding for the construction of its Lance uranium projects in northeast Wyoming.
The funding comes through $22 million in secured notes and a further $14.6 million through equity issue, equivalent to 10 percent of the share capital. The company doing the lion's share of the funding, BlackRock Financial Management, also has first right of refusal on $80 million in planned debt financing for 2013 at the site. Peninsula says the financing helps "de-risk" the development.
"Having BlackRock—managed funds as a debt funding partner and major shareholder is a solid endorsement of the Lance Projects," Peninsula's Executive Chairman Gus Simpson said in a release, adding the endorsement will accelerate the company's plans to become a "significant uranium producer."
The company is also seeking out $70 million in industrial development bonds from the Wyoming Business Council with Crook County backing the company's application. The bonds, if granted, would complete necessary funding for the project, including a central processing plant, a satellite ion exchange plant and well-field development.
Peninsula is one of a handful of companies leading the charge back to Wyoming's uranium fields, which were largely abandoned in the 1980s. In central Wyoming, Cameco and Strathmore are attempting to revive the Gas Hills, with Cameco recently releasing its draft environmental impact statement
and Strathmore submitting its mine permit application
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