• Funds will be directed to exploration activities at Ulytau
• The C29 geology team was mobilized on site upstream of the platform to start the preparatory work
• All regulatory requirements were met for the issuance of drilling permits

Special report: C29 has received firm commitments from sophisticated and professional investors to raise $2.45 million, paving the way for drilling activities at Ulytau in Kazakhstan.

Preparatory work for an initial diamond drilling campaign began earlier this week after C29 Metals (ASX: C29) received official notification from Kazakhstan’s Department of Natural Resources and Environmental Management.

The company plans to test and verify the superficial results. The company’s geology team will use a portable XRF unit in the field, which provides the team with real-time geological information as well as valuable geological data.

Ulytau is located in the Almaty region of southern Kazakhstan, approximately 15 km southwest of the Bota-Burum mine, one of the largest uranium deposits exploited in the former Soviet Union, with total production estimated at 20,000 tonnes (44 million pounds).

Drilling will begin soon

Drilling activities are expected to commence shortly, following a successful fundraising of $2.45 million through the placement to sophisticated and professional investors of a total of 34,507,042 fully paid ordinary shares.

At an issue price of $0.071, the offering represents a 0% discount to the last trading price of $0.071 on October 15 and a 3% premium to the 15-day volume weighted average price of $0.069.

C29 said it had received strong support, with demand far outstripping the shares offered under the placement.

The footprint extends

Recently, the company strengthened its presence in Ulytau by adding another 39 km² to its land after obtaining a new building.

Without wasting any time, C29 said it would immediately initiate the exploration approval process for the newly acquired land, which could potentially host a mineralized trend similar to that of the rest of Ulytau.

C29 filed two license applications around and near the Ulytau Uranium project over just over 250 km² in July, with both now granted in less than 50 days, highlighting the speed and strong local support in Kazakhstan.

The first of these requests, in the south, covered 213 km² and was granted at the beginning of August.

C29 Managing Director Shannon Green said the speed of the granting process is a testament to the effectiveness of Kazakhstan’s government agencies and support for the company’s efforts.

This article was developed in collaboration with C29 Metals, a Stockhead advertiser at the time of publication.

This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.

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