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Marenica Energy to Proceed With Nambian Uranium Project

By Joel ScanlonNov 2 2010

Marenica Energy Ltd is set to develop its uranium project in Nambia after signing a debt and equity funding deal with a Chinese company. The Sichuan Hanlong Group will fund $3 million immediately of which $2 million will be a convertible note and $1 million will come from share placements as 7 cents a share.

Marenica Energy was formerly known as West Australian Metals Ltd. It owns 80% of the Marenica Project which is one of the emerging Uranium projects in the uranium rich Damara Province of Namibia.

The news of securing funding from Sichuan Hanlong Group made the shares in the junior explorer fall by two cents. CEO John Young said that the companies had also signed a MoU which would be in effect till December next year.

The agreement would encompass longer tem feasibility and developmental funding besides off take arrangements and potential cooperation on future acquisitions in the uranium sector. The funds will help the uranium project develop to its proper potential.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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