05/06/2009 - 12:54

London firm lifts WA uranium interests

05/06/2009 - 12:54

Bookmark

Save articles for future reference.

London-listed miner and explorer Polo Resources has expanded its presence in the state after taking up shareholdings in junior explorers Impact Minerals and West Australian Metals.

London firm lifts WA uranium interests

London-listed miner and explorer Polo Resources has expanded its presence in the state after taking up shareholdings in junior explorers Impact Minerals and West Australian Metals.

Impact said it has agreed to place 18.67 million new shares at 16.07 cents each, with Polo, to raise $3 million.

Shares in Impact jumped five cents or over 31 per cent to 21 cents at 14:22 AEST.

The private placement will take place in two tranches with shareholders to approve the second tranche.

On completion of the placement, Polo will hold a 19.9 per cent stake in Impact and will, for two years, be allowed to maintain its shareholding at that level should Impact conduct further capital raisings.

The placement will boost Impact's cash reserves to $4.3 million.

Impact is currently progressing its wholly-owned Botswana uranium project and also owns 40 per cent Nowthanna uranium project near Meekatharra.

Meantime, Polo has agreed to subscribe to more than half of the shares issued through West Australian Metals (WAM) recently announced $9.9 million capital raising.

Polo will subscribe to 49.56 million shares at 12 cents each and will emerge with an 11.95 per cent shareholding in WAM.

Overall, the raising will see 82.6 million shares issued. Shares in WAM climbed three cents or 15 per cent to 23 cents.

Polo director Paul Ingram will join the WAM board on completion of the placement.

Funds raised through the WAM placement will be used to advance the company's Marenica uranium project in Namibia.

Polo also has an 8.93 per cent interest in Berkeley Resources, which is exploring uranium in Spain, a 9.08 per cent interest in Extract Resources and has entered into a subscription deal with Victoria uranium explorer A-Cap Resources.


STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options