Peninsula Energy has announced a USD56m (€48m) funding package designed to accelerate mine development and production growth at its flagship Lance uranium project in Wyoming, US.

The Australia-based company said the capital raise combines equity and a strategic convertible note facility, and is underpinned by the continued backing of diversified investment house Washington H. Soul Pattinson & Co – signalling strong institutional confidence in Peninsula’s growth trajectory.

The equity raise is priced at AUD0.35 (USD0.25, €0.22) per share, representing a 10.3% discount to the last traded price of AUD0.39 and a 17.2% discount to the five-day volume-weighted average price of AUD0.42.