Alligator Energy Unveils 278 Million Placement Options After $17.25M Raise

Context of the Placement and Options Offer

Alligator Energy Limited (ASX – AGE), a uranium exploration company, has announced a significant follow-up to its recent capital raise. After successfully completing a $17.25 million placement in June 2025, the company is now offering Placement Participants the opportunity to subscribe for up to approximately 278 million Placement Options. These options are exercisable at $0.047 each and will expire two years from their issue date.

This offer is exclusive to those investors who participated in the initial Placement, reflecting a strategic move to provide additional upside potential without immediate dilution to existing shareholders. The Placement itself involved the issue of 556 million shares at $0.031 per share to sophisticated and professional investors, underpinning the company’s ongoing funding requirements.

Terms and Conditions of the Placement Options

The Placement Options are being issued for nil consideration on the basis of one option for every two shares subscribed under the Placement. Upon exercise, each option will convert into one fully paid ordinary share, ranking equally with existing shares. The exercise price of $0.047 represents a premium to the Placement share price, indicating management’s confidence in the company’s growth prospects.

Importantly, the offer is non-renounceable, meaning Placement Participants cannot transfer or trade their entitlement to these options. The company has also indicated it may seek official quotation of these options on the ASX, subject to meeting listing requirements, which would provide liquidity to option holders.

Use of Funds and Strategic Outlook

Funds raised through the initial Placement are earmarked for advancing key projects, notably the Samphire Uranium Project. This includes financing a feasibility study and mining lease application, ongoing resource drilling, and geophysical programs. Exploration efforts will also continue at other promising targets such as Nabarlek North and Big Lake, alongside business development initiatives and general corporate costs.

The company’s recent announcement of approval to commence in-situ field recovery trials at Samphire underscores its commitment to de-risking and progressing this flagship project. However, the timeline for these developments remains subject to operational risks and regulatory approvals.

Governance and Investor Protections

Shareholder approval for the issue of Placement Options was obtained at an Extraordinary General Meeting held on 28 August 2025, ensuring compliance with ASX Listing Rules. The company has also provided detailed disclosures regarding risks, taxation implications, and jurisdictional restrictions, emphasizing the speculative nature of investing in exploration-stage mining companies.

Notably, the directors have not participated in the offer, and the company has engaged reputable joint lead managers, Taylor Collison Limited and Bell Potter Securities Limited, to oversee the Placement and options offer process.

Market and Capital Structure Impact

While the Placement Options are issued for nil consideration and thus have no immediate impact on the balance sheet, their eventual exercise could raise approximately $13 million, providing further capital to support the company’s growth initiatives. The total number of shares on issue remains unchanged until options are exercised, and the company anticipates minimal impact on control or voting power.

Investors should note that the quotation of the Placement Options on ASX is not guaranteed and will depend on meeting listing requirements post-offer. The offer closes on 8 September 2025, with allocation and potential quotation to follow.