FIRB approves Raisama Chinese interest

Uranium explorer Raisama has received regulatory approval for a Chinese state-owned firm to take a 14.9 per cent interest, ahead of a $12 million initial public offer expected to be launched within two weeks.

The David Berrie-backed Raisama today said the Foreign Investment Review Board had approved the $1.75 million investment by mining company Hebei Mining.

"We are extremely pleased to have a partners of the quality of Hebei Mining join Raisama," managing director Mr Berrie said.

"The transaction was structure to strike the right balance between the attractiveness of new capital and avoiding excessive dilution of existing shareholders prior to the IPO."

Meantime, Raisama said it expects to open its $12 million IPO within the next two weeks, with funds to be applied towards exploration of its WA and Kyrgyz Republic exploration properties.

The explorer holds the Sunday Creek uranium project, which is 20 kilometres from Cameco and Mitsubishi's Kintyre uranium deposit.

The announcement is below:

Australia's Foreign Investment Review Board has approved an investment in unlisted uranium explorer and developer, Raisama Ltd, by China's state-owned mining company Hebei Mining.

Hebei Mining has taken a 14.9 per cent stake in the company through the issue of 4.5 million new shares and the acquisition of 2.5 million existing shares, all at 25¢ each.

Raisama, managing director, David Berrie said, "We are extremely pleased to have a partner of the quality of Hebei Mining join Raisama. The transaction was structured to strike the right balance between the attractiveness of new capital and avoiding excessive dilution of existing shareholders prior to our IPO."

The Hebei provincial government currently has plans to build at least three nuclear reactors and is selectively securing strategic interests in uranium exploration companies internationally that it believes have the best potential to meet the province's growing need for uranium.

Initial Public Offering

Raisama plans to launch its Initial Public Offering, seeking $12 million, within the next two weeks.

The funds raised from the IPO will be used to accelerate exploration of its advanced WA and Kyrgyz Republic exploration properties.

"The IPO will give us sufficient capital to pursue all our current exploration objectives and continue to add value to our asset portfolio," Mr Berrie said.

New director

Ahead of the planned IPO, the company has appointed Dr Marcello De Angelis to the Raisama board. Dr De Angelis is major figure in the uranium industry having worked as senior geologist on the Kintyre uranium project in Western Australia.

Dr De Angelis is a geologist with over 40 years experience in uranium and base/precious metals exploration and development in several countries worldwide, including several years managing the exploration and production activities in Western Australia for Agip Australia Ltd.

He has held numerous senior management/board positions including Executive Vice President of Agip Resources Ltd and Agip Canada Ltd from 1990 to 1992 and as Managing Director of Pestarena Gold Mines SrL (Italy) from 2000 to 2001. Since 1994 he has operated a consultancy company advising a number of Australian listed and unlisted companies on uranium, gold and base metals initiatives in Australia and overseas.

He is credited with the discovery and fast-track development, between 1985 and 1990, of the Radio Hill nickel-copper deposit in Western Australia and with the adoption of the ISASMELT technology for matte production.

A Doctorate in Geological Sciences, he is a Registered Professional Geologist of the Order of Geologists in Italy and a member of A.I.M. (Association of Mining Engineers, Italy).

Dr De Angelis' appointment, along with Raisama managing director, David Berrie, gives Raisama one of the most experienced uranium company boards in Australia. Mr Berrie was most recently managing director of uranium explorer Fusion Resources Ltd before its acquisition by Paladin. Before that he was corporate development chief at Summit Resources.

Raisama Ltd background

Backed by Sydney-based merchant banking firm, Emerald Partners and veteran Perth explorer Chris Reindler, Raisama was founded in February last year to acquire uranium projects in Western Australia, which has since been declared open to uranium mining.

Cameco and its joint venture partner, Mitsubishi, are currently drilling at the Kintyre deposit with a view to fast tracking the mine's development.

Raisama has the Sunday Creek project 20kms from Kintyre and will accelerate exploration following its IPO.

Western Australia is currently the "hot spot" for uranium exploration and development with BHP Billiton pursuing its mine at Yeelirrie and several other mid-tier uranium companies pursuing the development of uranium ore bodies.