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Noronex Ltd. ( (AU:NRX) ) has provided an update.
Noronex Limited announced a strategic placement to raise $750,000 through the issuance of 53,571,429 fully-paid ordinary shares at $0.014 per share. The funds will be used to advance uranium exploration at the Etango North Uranium Project in Namibia, pursue business development opportunities, and cover general corporate costs. The placement introduces three new strategic investors to Noronex, reflecting confidence in the company’s potential, particularly in its Kalahari Copper Belt projects and its strategic alliance with South32. The capital will support ongoing and planned drilling programs in Namibia and Botswana, enhancing Noronex’s exploration capabilities and potentially impacting its market positioning.
More about Noronex Ltd.
Noronex Limited is an ASX-listed copper exploration company with advanced projects in the Kalahari Copper Belt, spanning Namibia and Botswana, and in Ontario, Canada. The company has a JORC 2012 Resource of 10Mt @ 1.3% Cu at its Witvlei Project in Namibia. Noronex has a Strategic Alliance Agreement with South32, allowing South32 the right to acquire a 60% interest in Noronex’s projects by funding exploration. Additionally, Noronex is involved in a uranium joint venture in Namibia, where it can earn up to an 80% interest.
Average Trading Volume: 689,611
Technical Sentiment Signal: Buy
Current Market Cap: A$9.05M
See more data about NRX stock on TipRanks’ Stock Analysis page.