The company said it has received firm commitments from sophisticated and institutional investors for the placement.
Following the transaction, the company will have in cash balance of more than $5m.
Deep Yellow chairman Tim Netscher said: "The placement, completed with the support of the company’s advisors will place Deep Yellow in a sound position for the short to medium term, enabling us to maintain our momentum by utilizing the funds to progress the flagship Omahola Project and the Tubas Sand Project.
"We will continue to carefully monitor all expenditure to ensure we extract the maximum value from these funds and to remove the need to return to the market in the foreseeable future."
Located within Namibia’s Alaskite Alley, Omahola project is said to host a resource of 48.7 million tons at 420 parts per million of uranium.
The Tubas Sand Project primarily comprises of low grade secondary uranium mineralization in aeolian sand which occurs immediately south of the Tubas palaeochannel on exclusive prospecting licence 3496 held by the company’s Namibian unit, Reptile Uranium Namibia.
