Realist
Billie Jean is not my lover
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Re: USA - UraniumSA
From Sydney Morning Herald
UraniumSA makes a positive debut on ASX
Email Print Normal font Large font October 18, 2006 - 12:40PM
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AdvertisementUraniumSA Ltd made a positive debut on the Australian Stock Exchange after opening at a 50 per cent premium to its initial public offer price.
The yellowcake stock began trading at 30 cents, compared to an issue price of 20 cents.
The company, which holds exploration properties in the Gawler Craton in South Australia, had raised $6 million from an offer of shares.
UraniumSA closed its public offer a week earlier than expected last month amid strong investor interest that pushed applications up to $10 million.
Managing director Russel Bluck said the company would focus its exploration efforts on a land tenure covering the Kingoonaya palaeodrainage system on the central Gawler Craton.
"When we started working on this last year it was clearly the best mineralised of the palaeodrainage's," Mr Bluck said.
"We are going to maintain our focus there for quite a long time, we've got about 320 kilometres of strike and that's a hell of a big exploration target."
UraniumSA has earmarked $1 million for the first year of exploration.
"It's a pretty big ask but we're trying to hit the ground running," Mr Bluck said.
Fellow uranium explorer Toro Energy Ltd also has a land position over the Kingoonaya system.
UraniumSA compiled the majority of its properties by forming joint ventures with Marathon Resources Ltd and Stellar Resources Ltd, and acquiring tenure from Peninsula Exploration Pty Ltd.
Marathon and Stellar shareholders received an offer of priority shares under the deal.
The company is chaired by former Mitsubishi Motors chief executive Tom Philips.
At 1145 AEST, Uranium SA was trading at 24 cents,up four cents.
From Sydney Morning Herald
UraniumSA makes a positive debut on ASX
Email Print Normal font Large font October 18, 2006 - 12:40PM
Advertisement
AdvertisementUraniumSA Ltd made a positive debut on the Australian Stock Exchange after opening at a 50 per cent premium to its initial public offer price.
The yellowcake stock began trading at 30 cents, compared to an issue price of 20 cents.
The company, which holds exploration properties in the Gawler Craton in South Australia, had raised $6 million from an offer of shares.
UraniumSA closed its public offer a week earlier than expected last month amid strong investor interest that pushed applications up to $10 million.
Managing director Russel Bluck said the company would focus its exploration efforts on a land tenure covering the Kingoonaya palaeodrainage system on the central Gawler Craton.
"When we started working on this last year it was clearly the best mineralised of the palaeodrainage's," Mr Bluck said.
"We are going to maintain our focus there for quite a long time, we've got about 320 kilometres of strike and that's a hell of a big exploration target."
UraniumSA has earmarked $1 million for the first year of exploration.
"It's a pretty big ask but we're trying to hit the ground running," Mr Bluck said.
Fellow uranium explorer Toro Energy Ltd also has a land position over the Kingoonaya system.
UraniumSA compiled the majority of its properties by forming joint ventures with Marathon Resources Ltd and Stellar Resources Ltd, and acquiring tenure from Peninsula Exploration Pty Ltd.
Marathon and Stellar shareholders received an offer of priority shares under the deal.
The company is chaired by former Mitsubishi Motors chief executive Tom Philips.
At 1145 AEST, Uranium SA was trading at 24 cents,up four cents.
