New cap A-Cap puts faith in Botswana uranium - Business - Business

NEW diversified explorer A-Cap Resources will focus on developing a uranium project in Botswana following a solid listing on the Australian Stock Exchange.
A-Cap, which is also listed on the Newcastle Stock Exchange, raised $5 million in an oversubscribed initial public offering, issuing shares at 20¢ each.
Shares began trading on the ASX at 30¢ and closed at 36¢.
The Victoria-based company has projects across three countries but said its initial focus would be on the Mokobaesi project in the Limpopo basin of Botswana.
The project was previously held by major Canadian miner Falconbridge in a joint venture with several companies.
A-Cap said further drilling would be required to bring the resource up to industry standard.
"The major advantage of establishing a potential uranium resource in Botswana is that that country does not have the same political uncertainties on future production which exist in the Labor-dominated states of Australia," A-Cap chairman Pat Volpe said yesterday.
"A-Cap intends to seek joint-venture partners for its uranium and diamond tenements if suitable agreements can be negotiated."
It is also exploring for nickel and gold in Botswana and has gold exploration projects in China.
AAP