The company will raise one new share for every two shares for a cost of $0.005 a share, reported proactiveinvestors Australia.
Located, in Cañon City, Colorado, the project is expected to advance towards production, scheduled to begin in 2016.
The site hosts indicated and inferred resources of over 90.9 million pounds of 0.06% grade uranium.
A scoping study undertaken earlier this year had projected an annual production of 2 million pounds of uranium with an investment of around $80m at an operating cost of $30 a pound.
Black Range has further has plans for evaluation work before commencing mine development, including preparation to test underground borehole mining.
The company expects to secure the trial permits after June 2013 and receive all mining permits by 2015.
