Silex Systems raises $130 million during “nuclear renaissance”

Uranium enrichment company Silex Systems has received firm commitments to raise $130 million via an institutional placement of approximately 33.3 million new fully paid ordinary shares at $3.90 per share.

According to a statement from the company on Thursday, proceeds will be used primarily to support commercialisation of the company’s SILEX uranium enrichment technology in the US through the US-based commercialisation vehicle, Global Laser Enrichment (GLE.)

A smaller portion of the proceeds will be used to pursue additional commercial opportunities, including silicon enrichment for Quantum Silicon (Q-Si) and Medical Isotope Separation Technology (MIST.)

The price per share was a 15.8 per cent discount to the last closing price on Tuesday (August 5) on the ASX of $4.63.

“The quality of participating investors is a strong validation of Silex’s ongoing commitment to the commercialisation of its innovative SILEX uranium enrichment technology, at a time when the global nuclear industry is experiencing unprecedented positive tailwinds,” said CEO and Managing Director of Silex, Dr Michael Goldsworthy. 

“With the nuclear renaissance gaining momentum around the world, we look forward to supporting GLE’s efforts to establish new US enrichment capacity, helping to restore US leadership in nuclear technology and contributing to US energy security ambitions.”

GLE is owned by Silex (51 per cent) and Cameco Corporation (49 per cent) and has been the exclusive licensee of SILEX for uranium enrichment applications since 2006. According to Silex’s website, development of the technology is being undertaken jointly by Silex (at its Lucas Heights, Sydney facility) and GLE. 

Picture: credit Silex Systems

Further reading

Silex Systems to become significant uranium enricher

Silex Systems in the running to enrich uranium for Small Modular Reactors

Silex Systems buys land for uranium enrichment plant

Silex Systems plans to produce nuclear fuel in 2027/28

Silex Systems raises $120 million for uranium enrichment