YELLOW CAKE PLC: Results of Placing
Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), a specialist company operating in the uranium sector founded by Bacchus Capital Advisers ("Bacchus Capital"), holding physical uranium ("U3O8") for the long term and engaged in uranium-related commercial activities, is pleased to announce that 22,983,977 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a fixed price of £5.64 per share (the "Placing Price") via an accelerated bookbuild (the "Placing").
Due to strong investor demand, the Company agreed with the Bookrunner to increase the size of the Placing to approximately US$175 million from the approximately US$125 million originally proposed (the "Upsize"). Additional proceeds from the Upsize are intended to be used to fund opportunistic and strategic purchases of further U3O8.
The Placing was conducted using the Company's existing share authorities. The Placing comprises 22,983,977 new Ordinary Shares, which will raise gross proceeds of approximately US$175 million (equivalent to approximately £129.6 million). The Placing Shares being issued represent approximately 10.6% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing.
Andre Liebenberg, Chief Executive Office of Yellow Cake, commented:
"We are delighted with the strong support from both existing and new institutional investors in this significantly upsized placing. This capital raise enables us to fully exercise our 2025 uranium purchase option under the Framework Agreement with Kazatomprom, whilst retaining optionality for further uranium purchases on an opportunistic and strategic basis. With uranium market fundamentals continuing to strengthen amid global nuclear expansion, persistent supply constraints, and rising demand from utilities, this transaction will materially enhance our physical holdings, which will exceed 23 million pounds once complete, and deliver compelling value to our shareholders as we capitalise on the sector's bright long-term outlook."
Placing:
Application has been made for the Placing Shares to be admitted to trading on the AIM market of London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 29 September 2025 and settlement is expected to take place on the same date on a T+3 basis.
The Placing is conditional upon, inter alia, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms.
Following Admission of all of the Placing Shares: (a) the total number of shares of the Company in issue will be 244,424,707 of which 4,584,283 are held in treasury; and (b) the total number of voting shares in the Company will be 239,840,424.
Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 7:00 a.m. (London time) earlier today, 24 September 2025.
Canaccord Genuity Limited ("Canaccord") acted as sole bookrunner, Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") and Panmure Liberum Limited ("Panmure Liberum") acted as joint co-managers (together with the Bookrunner, the "Managers"). Bacchus Capital acted as Financial Adviser in connection with the Placing.
