Share Purchase Plan Extended
Perth, June 16, 2016 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (DYLLF:OTCMKTS) (Deep Yellow or the Company) advises that Directors have resolved to extend the offer of shares under the Share Purchase Plan (SPP) lodged with ASX on 31 May 2016. The SPP will now close on 1 July 2016.
Deep Yellow has received a number of calls from eligible shareholders who had either not received the relevant documentation or had experienced delays with the mail. As a result the Board has agreed to the extension.
The SPP provides shareholders with an opportunity to increase their holding in the Company as it continues to advance a number of exciting opportunities. Under the SPP, eligible shareholders will be able to purchase additional shares in Deep Yellow without having to pay brokerage or other transaction costs and at a historically low price of 0.4 cents per share.
Any eligible shareholder who has not received the relevant documentation can call the Company on +61-8-9316-9100 and the Company will organise for replacement documents to be issued.
REVISED TIMETABLE
- See link below
BACKGROUND TO THE OFFER
The SPP funds will principally be directed towards further testwork for the Company's Tumas Project with a view to advancing it to the next step, defining development parameters and for general working capital.
Tumas Project
DYL has recently announced promising interim results from metallurgical testwork being conducted on bulk samples sourced from the Tumas deposit. The results have provided a level of confidence that the proposed metallurgical flowsheet, developed by Marenica Energy Ltd (ASX:MEY) is likely to work effectively in upgrading the Tumas mineralisation.
The Company has been working with Marenica since late 2013 when the first tests were reported to shareholders (December Quarter Activities Report - 2 February 2014). Subsequently, a small infill drilling program and a sophisticated geophysical modelling exercise completed in 2015 provided confidence that the Tumas - Tubas Palaeochannel was sufficiently prospective to warrant further work.
The process in its simplest form involves the physical beneficiation of the sample through two key stages before moving to concentrate the remaining uranium minerals.
The Company has consistently sought opportunities to become a producer via a fast track, relatively low capex development strategy. The objective to develop an operation capable of cost effectively producing a high grade intermediate product for satellite supply to any one of the existing Namibian uranium mines appears to be a step closer and if the current testwork program is successful then the Company will be in a strong position to deliver on its strategy.
Deep Yellow refers all eligible shareholders to the Share Purchase Plan Offer documents which were released to the ASX on 31 May 2016 and mailed to them on 3 June 2016.
To view release including revised timetable, please visit:
http://abnnewswire.net/lnk/AFWD1613
About Deep Yellow Limited
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) is successfully progressing a dual-pillar growth strategy to establish a globally diversified, Tier-1 uranium company to produce 10+Mlb p.a.
The Company's portfolio contains the largest uranium resource base of any ASX-listed company and its projects provide geographic and development diversity. Deep Yellow is the only ASX company with two advanced projects - flagship Tumas, Namibia (Final Investment Decision expected in 1H/CY24) and MRP, Western Australia (advancing through revised DFS), both located in Tier-1 uranium jurisdictions.
Deep Yellow is well-positioned for further growth through development of its highly prospective exploration portfolio - ARP, Northern Territory and Omahola, Namibia with ongoing M&A focused on high-quality assets should opportunities arise that best fit the Company's strategy.
Led by a best-in-class team, who are proven uranium mine builders and operators, the Company is advancing its growth strategy at a time when the need for nuclear energy is becoming the only viable option in the mid-to-long term to provide baseload power supply and achieve zero emission targets.
Importantly, Deep Yellow is on track to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity.
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