Pricing new shares at 8.8c, Marenica is raising $2.6 million from undisclosed investors, and $2.8 million from established shareholders.

Marenica said it would increase exploration activities on its extensive uranium tenement package in Namibia and on activities "to add significant value" to the company's Australian uranium assets.

Cash at the start of the current quarter had totalled $700,000.

Shares in Marenica were down 6.6% to 8.5c in late morning trade, capitalising the company at about $12 million.