Infini Resources has successfully completed a heavily subscribed capital raise of $12 million, with $11 million of that amount raised at a remarkable 34 percent premium to its last traded price. The funds will be directed towards enhancing uranium exploration across the company’s high-grade projects: Portland Creek, Reynolds Lake, and Reitenbach Lake, all located in Canada.
The majority of the newly acquired capital, approximately A$11 million (C$10 million), was secured under Canada’s unique “flow-through share scheme.” This scheme allows investors to claim upfront tax deductions against their income by financing exploration activities that qualify as critical minerals expenditure. Essentially, the tax deductions that would typically benefit the company are passed on to the investors, incentivizing them to purchase shares at a premium.
Infini’s shares were priced at 75 cents per share for this tranche, significantly higher than the previous closing price of 56 cents. This successful raise is one of the most favorable seen in the uranium sector on the Australian Securities Exchange (ASX) this year. Additionally, the company secured another A$1 million through a concurrent placement to institutional and sophisticated investors at A$0.50 per share.
In an attractive offer to investors, Infini has introduced a loyalty option, allowing eligible shareholders to subscribe for one option for every four shares held. These options, exercisable at 27 cents per share with a three-year expiry, are pending compliance approval for listing on the ASX.
Rohan Bone, Chief Executive Officer of Infini Resources, highlighted the significance of the placement, stating, “This heavily subscribed placement is a powerful endorsement of Infini’s active exploration strategy and the outstanding potential of our uranium portfolio.” With a strengthened financial position, Infini aims to aggressively advance its exploration programs at Portland Creek, Reynolds Lake, and Reitenbach Lake, which are situated in renowned mining jurisdictions.
Recent developments at the Portland Creek project have generated considerable excitement. Just two weeks ago, Infini’s share price surged nearly 300 percent to 71.5 cents after announcing impressive X-ray fluorescence (XRF) readings from its phase-two drilling program. One notable drill hole revealed an extraordinary 284-meter stretch containing elevated uranium levels, with peak XRF hits of 12,000 parts per million (ppm) uranium at a depth of 270 meters and 11,700 ppm at 289 meters.
The results indicate a promising discovery, with almost all readings from the 284-meter intercept showing uranium levels between 1,000 ppm and 12,000 ppm. As the market eagerly awaits final laboratory assays, the ongoing phase-two diamond drilling program, which spans 2,500 meters, aims to investigate a dozen high-priority targets within a structural corridor exceeding six kilometers.
This corridor, rich in uranium-in-soil anomalies, positions Portland Creek as one of the most compelling areas for uranium exploration in Canada. Last year, the project attracted attention with surface samples revealing uranium oxide readings as high as 74,997 ppm.
With its financial resources now bolstered, Infini plans to allocate part of the proceeds towards an expanded drilling initiative at Portland Creek, targeting up to twelve new high-priority sites. Furthermore, the company intends to commence initial drilling campaigns at Reynolds Lake and Reitenbach Lake, situated in the esteemed Athabasca Basin, known for hosting some of the world’s highest-grade uranium deposits.
Field programs conducted during the September quarter have identified a series of promising geophysical anomalies, prompting Infini’s management to expedite the transition from groundwork to active drilling. The company’s current resource base includes the Des Herbiers deposit in Quebec, which contains an inferred 43.95 million pounds of uranium oxide at 123 ppm uranium.
The addition of potential new discoveries across Infini’s Canadian portfolio could significantly reshape its growth trajectory as global demand for nuclear fuel intensifies. With a robust financial position and active drilling across multiple sites, Infini Resources is poised for a significant leap forward in the uranium sector. The upcoming drilling results could prove transformative, solidifying the company’s standing in an increasingly competitive market.
