As per the agreed terms of the transaction, Peninsula will issue $22m in senior secured notes to BlackRock besides executing a share placement of 90,000,000 unlisted shares for A$14.6m ($15.3m).
The shares will each be offered at $0.08 and represent a 10% interest in Peninsula.
The transaction is subject to the Peninsula receiving a mining permit and confirmation of a sales agreement satisfactory to BlackRock.
Proceeds from the financing will advance the Lance Projects, which includes construction of deep disposal wells, monitoring wells, central processing plant (CPP) site works, civil works, ancillary roads, plant long lead items and working capital.
Commenting on the transaction Peninsula executive chairman Gus Simpson remarked that the partnership with BlackRock is a significant endorsement of the Lance Projects.
"The ongoing relationships with BlackRock and Pala will accelerate our plans to become a significant uranium producer," added Simpson.
