The company now holds a 100 per cent interest in six Tanzanian projects, four of which are prospective for uranium – Mkuju, Manyoni, Itigi and Magaga – with the other two – Mpanda and Karema – prospective for copper.
In conjunction with the acquisition, AuKing said in a statement on Wednesday that has made plans to carry out a two-staged capital raising of $3.5 million.
Funds will be placed to private sophisticated investors introduced to the company by Perth-based firm Ven Capital Pty Ltd.
The first stage (T1 Placement) involves the issue of 13,740,000 new shares at 10c per share together with 6,870,000 free-attaching options exercisable at 20c on or before 30 September 2025, the company said in a statement.
The T1 Placement has already effected with a total of $1,370,000 funds either already received, it says.
Accordingly, the company said the final T1 Placement expected to close yesterday and today. The second stage (T2 Placement) involves the issue of approx. 21,260,000 new shares and 10,630,000 free-attaching options exercisable at 20c on or before 30 September 2025.
Ven Capital will also manage this placement to private sophisticated investors.
AuKing said the uranium projects lie nearby areas that have undergone “significant” prior exploration and development up until 2013, including one just north of Mkuju which reported 108.9 million tonnes at 422 parts per million uranium oxide.
Meanwhile, the company announced that Asimwe Kabunga has joined the AKN board as co-chairman, with Anna Nahajski-Staples remaining in her position as co-chair.
Kabunga is a Tanzanian born Australian entrepreneur who holds a Bachelor of Science, Mathematics and Physics and has extensive technical and commercial experience in Tanzania, Australia, and the United States.
Kabunga has extensive experience in the mining industry, logistics, land access, tenure negotiation and acquisition, as well as a developer of technology businesses
Auking CEO, Paul Williams said “The proposed acquisition of highly prospective Tanzanian uranium and copper assets is an important and exciting opportunity for AuKing. The company now has the ability to pursue and develop uranium assets in a stable African jurisdiction at a time when there is significantly renewed interest in the development of uranium projects. At the same time, the company will be able to continue with its focus on developing the Koongie Park copper/zinc project in Western Australia.
He added; “In addition, the appointment of Mr Kabunga as Chairman will add another person to the Board extremely focused on generating shareholder value as well as establishing a successful miningoperation to create jobs and opportunities in Tanzania – a country clearly promoting its mining sector.”
Incoming Co-Chairman, Asimwe Kabunga said “This is an outstanding acquisition for AuKing that delivers a significant value opportunity for shareholders. The potential of the uranium areas (especially Manyoni and Mkuju) cannot be over-stated when you consider the volume of historical exploration work that has already been undertaken in these areas and the fact the ground has been highly sought after in recent years,”.
Kambuga said a focus of AuKing will be to work constructively with the Tanzanian government and take all possible steps to bring projects into production, take advantage of a strong uranium market and deliver meaningful benefits to the Tanzanian mining sector.
