10/12/2009 - 12:18

Mantra to raise $70m for Mkuju

10/12/2009 - 12:18

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Perth-based Mantra Resources will raise a total $C67.2 million ($A70 million) from North American and European institutional investors for its Mkuju River uranium project in Tanzania.

Mantra to raise $70m for Mkuju

Perth-based Mantra Resources will raise a total $C67.2 million ($A70 million) from North American and European institutional investors for its Mkuju River uranium project in Tanzania.

Mantra, which recently listed on the Toronto Stock Exchange, entered into an agreement with a syndicate of agents led by Haywood Securities and GMP Securities, to place 13 million shares at $C4 ($A4.17) each to raise $C52 million.

The offering will be made primarily to North American and European institutional investors.

The company said it will also complete a private placement of 3 million shares to Highland Park and 800,000 shares to AngloPacific Group to raise a further $C15.2 million.

The private placement shares are priced at $C4 each.

Funds raised from the offers will be used to complete feasibility studies at Mkuju River.

Shares in Mantra were down one cent to $4.40 at 14:57 AEDT.

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