ENRG Elements Ltd (ASX: EEL) has announced the successful closure of its renounceable entitlement offer, which was significantly oversubscribed and raised $1.6 million before costs. ENRG Elements is focused on the exploration and development of its uranium and copper projects, both commodities essential for a clean energy future. Due to strong demand from existing shareholders and new investors, the company will undertake a follow-on placement to raise an additional $400,000 on the same terms as the entitlement offer.
Following the completion of the placement, the total funds raised will be approximately $2 million before costs. The company will issue 2,026,889,122 new fully paid ordinary shares and 1,013,444,575 new options exercisable at $0.002, expiring on 24 October 2029. The options are expected to be quoted under the ASX code EELO. The follow-on placement will involve the issue of 400,000,000 new shares and 200,000,000 new options, utilising the company’s existing capacity under Listing Rules 7.1 and 7.1A.
The funds raised from the entitlement offer and the follow-on placement will be used to evaluate, acquire, and commence exploration on potential new projects with a gold focus in Central Asia, as well as to continue exploration on the company’s existing projects to maintain tenure. Mahe Capital Pty Ltd acted as Lead Manager and Underwriter to the Entitlement Offer and advised the Company on the Entitlement Offer and the Follow-on Placement.
ENRG Elements’ Managing Director Paul Ingram thanked shareholders for their support, highlighting their commitment to the company’s future. The entitlement offer securities were issued on 24 October 2025, with the follow-on placement shares expected to be issued on 27 October 2025 and the free-attaching options to follow shortly thereafter. This announcement has been authorised for release to the market by the Board.
