Lotus Resources Limited-ASX has revealed that it is undertaking a placement to strategic investors to raise $30 million via the issue of 100 million new shares at $0.30, a 6.5% discount to its last traded price of $0.32. The company, led by Managing Director Keith Bowes, made the announcement citing that the move is expected to facilitate the acceleration of operations at the Kayelekera mine in Malawi and advance the Letlhakane project in Botswana. The placement involves the issuance of 100 million new shares at $0.30 per share, representing a 6.5% discount to its last traded price. Paradice Investment Management (Paradice), a key participant in the placement, will inject $20 million into Lotus, thereby securing a substantial 5.5% interest in the company. Commenting on the placement, Keith Bowes stated, "We are pleased to secure $30 million via this Placement, allowing us to accelerate our activities around the restart at Kayelekera and development plans at Letlhakane. The Placement has attracted significant interest from high calibre strategic investors who share our bullish view on uranium market fundamentals." "Our key priority remains progressing restart plans for Kayelekera to benefit from the increased demand for Kayelekera product and current strong and increasing uranium prices, but we also recognise that moving forward quickly with Letlhakane will enhance the company’s valuation," Bowes added. Lotus aims to restart operations at the Kayelekera mine by the fourth quarter of 2025, leveraging the placement funds to expedite various activities including Front End Engineering and Design (FEED) works, commitment to long lead items, and early works on site. Additionally, the company intends to fast-track the delivery of a Scoping Study for the Letlhakane project through infill drilling and resource estimation upgrades. "The Placement will ensure the delivery of these items, as well as allowing the acceleration of the program through the ordering of long-lead items and undertaking necessary onsite early works," Bowes emphasized. The Kayelekera project, which hosts a current uranium resource of 51.1Mlbs U3O8, is poised to benefit from the strengthening uranium market. With increased interest from utilities for Kayelekera's offtake, Lotus is strategically positioning itself to capitalize on the favorable market conditions. Lotus Resources, one of the leading Africa-focused uranium player, is committed to creating value for its shareholders while ensuring positive impacts on the communities where it operates. With an 85% interest in the Kayelekera Uranium Project and full ownership of the Letlhakane Uranium Project, Lotus is poised for significant growth and development in the uranium sector. The placement is expected to settle on February 28, 2024, with the allotment of new shares scheduled for February 29, 2024. This move marks a significant milestone for Lotus Resources as it gears up to accelerate its uranium production and development initiatives in Africa.