Uranium Equities looking to raise $23m
Explorer Uranium Equities Ltd is looking to raise $23 million to fund exploration campaigns across its broad portfolio of Australian projects.
Uranium Equities said it had firm verbal commitments to place 46 million shares at 50 cents each with a range of Australian and international investors.
Managing director Mark Chalmers said the placement would allow the company to advance exploration programs across its extensive Australian ground position.
"The funds will be applied to progress Uranium Equities' extensive Australian uranium exploration interests including its joint venture with Cameco in the highly prospective Alligator Rivers uranium province in the Northern Territory," he said.
The joint venture with Cameco surrounds the historic Nabarlek uranium mine.
Uranium Equities said its largest shareholder, the Canadian-based Laramide Resources Ltd has agreed to subscribe for $6 million shares worth $3 million.
Uranium Equities holds a portfolio of 28 projects in South Australia, Western Australia and the NT.
The placement is being managed by Southern Cross Equities and Taylor Collison.
The placement will be satisfied through two tranches.
Uranium Equities shares added 2.5 cents to close at 58.5 cents on Monday.
© 2007 AAP
Tuesday, February 13, 2007
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