Acquisitive Aurium claims success with $15.3m Jarra bid

Rivervale-based Aurium Resources Ltd has acquired its second company for this year, following the takeover of Northern Territory-based Jarra Resources Ltd for up to $15.3 million.

The acquisitive company announced today that it will move to compulsory acquire Jarra, which holds an exploration licence and licence applications in the Northern Territory that are prospective for uranium, gold and base metals.

At the end of the takeover offer period, which closed last week, Aurium held a 99.86 per cent interest in Jarra.

The Denis McInerny-chaired Aurium offered one of its fully paid ordinary share for each Jarra share and one Aurium listed option for each Jarra option on issue. The options expire May 31 2010.

Following the success of the bid, Aurium will now issue 60 million each of shares and options.

Aurium will seek the resignation of Jarra directors Tim Leahy, Cyril While and Paul Taylor, and will appoint Aurium directors Quentin Williams, John Geary and Mr McInerny to Jarra's board.

Earlier this year Aurium acquired another unlisted public company Haven Resources Ltd which had held 12 uranium and gold tenements in Western Australia.

Aurium holds a joint venture with public company Greater Pacific Gold Ltd over the Peak Hill region of the state which is prospective for uranium and gold.