Energy and Minerals Australia has extended its trade suspension period to almost a month after signalling it has been unable to complete a proposed capital raising.
EMA went into a trading halt on April 10, telling the market it was in the midst of finalising a capital raising.
Days later it suspended its shares from trading, saying it had been unable to close the transactions within its given timeframe.
EMA has since extended its suspension on two separate occasions, telling shareholders it remains in ongoing confidential discussions about the proposed raising.
It now says it does not expect to complete discussions until "at least" May 9.
EMA signalled in February that it planned to raise $10 million through a private share placement as a condition of a complex deal to secure more debt funding for the uranium explorer.
The deal came after months of negotiations between EMA and Acorn Capital, Macquarie Bank and the Element Resources Fund.
Under the terms of the financing arrangement, EMA's noteholders have agreed to provide a $2.65 million secured loan in the form of promissory notes, repayable on March 31.
EMA will meanwhile complete an equity raising and issue shares to repay the $2.65 million loan, as well as an existing $950,000 loan from the same noteholders.
EMA will also issue the noteholders with $19.5 million worth of options.
Significantly, the noteholders have agreed to a number of amendments to the terms of their existing convertible notes as part of the deal.
EMA will no longer be required to carry out a separate, long-planned $15 million equity raising, while the repayment date for the existing notes has been pushed back to December 2015.
Another condition of the deal was that former non-executive chairman and BC Iron founder Mike Young take on the role of chief executive at EMA, replacing Julian Tapp.
Mr Tapp, a former head of government relations at Fortescue Metals Group, has moved into the role of chief operating officer.
Former Attorney-General Cheryl Edwardes has meanwhile been appointed chairman of the company.
