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Thunderbird secures $4.1 Million for Hidden Bay Uranium Project

3 June 2024 12:36
ASX:THB

Thunderbird Resources Limited (ASX:THB) has announced a significant $4.1 million capital raising to kickstart drilling and exploration programs across its promising uranium assets in Canada’s renowned Athabasca Basin.

Capital raising details

The capital raising comprises two main components.

First, a placement of approximately 45 million fully paid ordinary shares at $0.03 per share will raise $1.35 million.

Second, a non-renounceable entitlement offer will allow existing shareholders to purchase one new share for every two shares they hold, also at $0.03 per share, aiming to raise approximately $2.77 million.

The shares will be issued at a 6.25% discount to the closing price on May 29, 2024.

Use of funds

The $4.1 million raised will be allocated in three ways: $2.8 million for exploration programs at the Hidden Bay and Surprise Creek Uranium Projects, $1.0 million for working capital, and $0.3 million for capital raising costs.

The Hidden Bay Uranium Project, a 2,400m drill program, is set to begin in August 2024, with preparatory fieldwork already underway. With uranium prices at US$90/lb and a strong long-term outlook, Thunderbird is well-positioned to enhance shareholder value through this focused exploration effort.

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Figure 1: Thunderbird’s Athabasca Basin Project location plan.

Airborne geophysics will be conducted at the Surprise Creek Uranium Project, followed by drilling, where historical results have shown up to 2.1m @ 4.37% U3O8.

Executive Chairman’s statement

George Bauk, Executive Chairman of Thunderbird, emphasised the strategic importance of this capital raising, stating, “The Company will immediately invest the capital raised to accelerate its exploration program in 2024, targeting high-grade uranium in Canada’s world- class Athabasca Basin, with a priority focus on the drill-ready Hidden Bay Project.

“Fieldwork programs are now underway at Hidden Bay, with results to help inform an initial drilling program planned to commence in August 2024.”

THB’s Australian Security Exchange-listed share price is currently trading at $0.032 (12:00 pm UTC+ 8 hours).

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