Aura IPO closes oversubscribed

URANIUM explorer and developer Aura Energy Ltd has advised that its initial public offer has closed substantially oversubscribed. The Aura IPO is to raise $4 million, with a provision for an oversubscription of five million shares raising $1 million. Having secured shareholder approval at the General Meeting held on Tuesday May 15, North Perth resources explorer Drake Resources Ltd will sell its uranium tenements to Aura, obtaining equity in Aura upon listing in addition to receiving a cash payment of $100,000 in reimbursement for its expenditure on the tenements. Aura now holds 12 uranium exploration tenements in WA. These include: the Wondinong Prospect, where uranium mineralisation exists over an area of eight square kilometres; the Altona uranium project, which has 115km of prospective drainage channel immediately to the south of BHP Billiton’s Yeelirrie deposit; and a number of other highly prospective uranium projects in the Yilgarn Craton.