The West

Peninsula Energy executive chairman John Simpson. Picture: Michael Wilson/The West Australian.
Peninsula Energy executive chairman John Simpson. Picture: Michael Wilson/The West Australian.

Uranium explorer Peninsula Energy says it has raised $5 million in a placement to JP Morgan Asset Management.

The placement of 161.3 million new shares was priced at 3.1 cents and represents less than 10 per cent of the Peninsula's issued capital.

The company said the funds would be used for ongoing construction activities at the Lance projects in Wyoming, to progress feasibility studies at the Karoo projects in South Africa and for general working capital purposes.

Executive chairman John (Gus) Simpson said the board was delighted to welcome JP Morgan Asset Management to the company's share register and looked forward to a long standing mutually beneficial relationship.

Peninsula shares were up 0.1 cent, or 3.13 per cent, to 3.3 cents at 11am.

The West Australian

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