Energia raises $7.5m in IPO

Perth-based uranium explorer Energia Minerals is poised to list on the Australian Securities Exchange later this month after an initial public offer raised $7.5 million.

The company issued 37.5 million shares at 20 cents per share with the IPO closing oversubscribed.

Energia, which has tenements in Western Australia, South Australia, Northern Territory, Queensland and Italy, has access to 20 granted tenements and 10 applications for tenements, covering more than 5,500 square kilometres.

Managing director Keren Paterson said the company was now in a position to expedite its exploration programs.

"Investors have responded to the strong growth fundamentals underpinning the uranium industry and the important role nuclear energy will play in the alternative energy mix," Ms Paterson said in a statement.

"Australia already plays a key role in the global uranium industry currently holding 38 per cent of the world's low cost uranium ore reserves.

"With 20 tenements and 10 applications for tenements covering more than 5,500km2 Energia is strategically positioned to play an important role meeting the growing global demand for uranium."

Carbon Energy will retain about 40 per cent interest in Energia post-IPO.

Trading is anticipated to commence on the ASX by December 30 2009 under the code EMX.