Peninsula Energy (ASX:PEN) secured a $56 million financing package to fast-track mine development and production expansion at its flagship Lance uranium project in Wyoming, according to a Thursday filing with the Australian bourse.

The package includes a fully underwritten institutional placement for the issuance of about 62.4 million shares at a price of AU$0.35 each to raise about AU$21.8 million, as well as a one-for-11 accelerated entitlement offer to eligible shareholders at the same share price to generate up to AU$14.2 million.

It also includes a binding commitment from Washington H. Soul Pattinson for a $30 million convertible note debt facility, per the filing. The facility contains conversion rights that permit Washington H. Soul Pattinson to convert the debt into Peninsula shares at a price of A$0.35 each.

Washington H. Soul also provided a firm commitment for up to AU$14.4 million in the equity raising by Peninsula, the company said.