Greg Klein reports that a steady stream of high grades emanating from its Rook 1 uranium project, NexGen Energy obviously holds the confidence of well-heeled investors. The company announced another $20-million bought deal private placement on November 18. The last one closed on $23.74 million in May. In July, the company closed a shares-for-debt deal to extinguish a $1.35-million loan. As of November 3 NexGen reported about $18 million cash on hand.
The new money would come from 31.25 million shares at $0.64. The underwriters may also buy an additional 15% of the shares sold at $0.64 until 30 days after closing, anticipated to happen around December 9 subject to regulatory approvals.
A 33,000-meters summer program extended Rook 1 basement-hosted Arrow zone vertically to about 645 by 235 meters, remaining open in all directions. The most recently reported results include 10.09% U3O8 over 27.5 meters (not true width), starting at 492 meters in down-hole depth. Included in that interval from A2, one of three high-grade shears, was 20.01% over 12 meters and 51.16% over 2.5 meters.
Other A2 shear results reported last month include the best assays yet, 9.72% over 35.5 meters starting at 494.5 meters, with a Russian doll set of sub-intervals ... 80.5% over 0.5 meters, within 72.02% over 3 meters, within 30.61% over 11 meters.
Flush with cash, NexGen has winter drilling scheduled to start in early January and says Rook 1 maiden resource remains on schedule for release in the first half of 2016.
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