Miningweb: Trump’s sons Eric and Don Jnr invest in JSE-listed ASP Isotopes via $64m placement

Key topics:QLE offers $100m convertible notes, backed by Trump sons.Funds aim to build isotope enrichment facilities in South Africa.ASP plans public listing; notes convert into stock upon listing..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..By Pablo Mayo Cerqueiro, Swetha Gopinath and Annie Massa.ASP Isotopes Inc.’s uranium-enriching arm is offering convertible notes in a deal that has drawn the backing of investors including Eric Trump and Donald Trump Jr.Quantum Leap Energy LLC, wholly owned by ASP Isotopes, is offering the notes in a private placement, and has raised about $64.3 million in an agreement with certain investors, according to the Friday statement. It’s now canvassing additional investors with a view to raising about $100 million in combined proceeds, according to a person familiar with the matter.The notes are set to value QLE at $400 million prior to the addition of new capital, according to a person familiar with the terms, who asked not to be named discussing non-public information.The deal has been led by American Ventures, an investment firm with ties to Dominari Holdings Inc., the boutique bank that sits in Trump Tower. President Donald Trump’s two eldest sons, Eric and Donald Jr., advise and invest in Dominari. They contributed capital to the QLE note offering, according to the statement. QLE is also offering the notes to foreign investors. It is building enrichment facilities in South Africa..Read more:.FT: Maga Inc. – how Donald Trump’s allies stand to gain from ‘anti-woke’ resurgence.The deal is the latest in a string of high-profile investments involving President Donald Trump’s family. 1789 Capital, the investment firm that Trump Jr. joined as a partner last year, has backed American rare earth magnet company Vulcan Elements, and Hadrian, a company that builds factories for aerospace and defense manufacturers. Other ventures backed by the Trump family span drones, blank-check companies and Bitcoin mining.QLE enriches isotopes primarily for use in nuclear energy production, according to company filings. Its technology can enrich isotopes at a fraction of the cost of traditional facilities, according to its website. The company intends to use the proceeds from the offering to “build and develop laser enrichment production facilities,” it said.A company majority owned by Dominari was named manager of American Ventures, according to a securities filing.The offering is expected to close Nov. 10, pending normal closing conditions. Canaccord Genuity Group Inc. has arranged the placement in the US, and Ocean Wall Ltd. served in that role for the foreign transaction. The issuance of the convertible notes will trigger the automatic conversion of promissory notes issued in March and June of 2024, the statement said. ASP Isotopes said in September, before the US government shutdown, that it was targeting a public listing for the unit in the fourth-quarter. The convertible notes would convert into stock if the company goes public or under certain other events, the Friday statement said. ASP aims to take QLE public through a direct listing, though the timing is not firm because of the government shutdown. The listing could value the firm higher than the convertible note, the person said..© 2025 Bloomberg L.P.

Miningweb: Trump’s sons Eric and Don Jnr invest in JSE-listed ASP Isotopes via $64m placement

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