Monaro to list in USA with ADRs

West Perth-based uranium and gold explorer Monaro Mining NL aims to achieve sponsored American Depository Receipts listing of its shares in the United States of America, though it will not conduct a capital raising to coincide with its listing, the company has announced.

The full text of a company announcement is pasted below

Australian uranium exploration and development company Monaro Mining NL ("Monaro" or "the Company") plans to raise its profile in the important North American capital market following confirmation it will list its shares for trading in the United States of America (USA) and has appointed a specialist New York based corporate advisor.

The board of Monaro decided to seek a listing in the USA following strong interest from both retail and sophisticated investors in North America. As a result of this demand the Company has commenced the process whereby it will achieve sponsored ADR (American Depository Receipts) listing of its shares in the United States of America.

The ADR listing of Monaro shares in the USA is seen by the board as a low cost "entry level" listing in to the important North American capital markets and will provide an SECregulated market for North American investors to buy and sell shares in the company.

So as to ensure the listing in the USA is achieved in a co-ordinated and successful manner Monaro has appointed leading New York based, NASD/SEC regulated investment advisory firm Robert R. Meredith Inc ("Meredith") as its corporate advisor. Meredith and its Chairman, Bill Potter, has extensive experience in cross-border mining finance with Australian companies in the US capital markets.

Through its subsidiary, Meredith Portfolio Management Inc, Meredith Financial Group manages close to US$1 billion for its clients, which include institutions and high net worth individuals. The Company was created in 1992 by a team originating from Morgan Stanley & Co Inc.

Meredith Chairman Bill Potter believes Monaro is well placed to create significant market profile in the North American capital market based on its highly prospective portfolio of uranium projects and strong management and uranium expertise. Investors are increasingly interested in pure industry investments and there is a shortage of good opportunities in the USA-listed uranium sector.

"US investors, both retail and institutional, want access to uranium companies that have a solid project portfolio and a strong management and technical expertise, something Monaro is developing," Mr Potter said. "Monaro is perfectly placed to take advantage of this interest and we think will see considerable benefit from its listing in North America and working with the Meredith Group."

Monaro Chairman Warwick Grigor believes the listing of its shares in the USA is an important step in its drive to become a significant uranium company with an international perspective, both in terms of projects and shareholder base.

"The graduation of Monaro to the listing of its shares in the US market is the next logical step in the company securing a position on the World stage. This cycle in the uranium market has only just begun, so it is important for Monaro to be extending the shareholder base and securing lines of finance for strategic initiatives as they emerge," Mr Grigor said.

The board of Monaro is not planning to conduct a capital raising to coincide with the ADR listing, with the timing of the issue of any new shares to North American investors dependent on market conditions and the need for funds as determined by corporate initiatives.

The Company is in a strong financial position having had A$5m contributed to the Company's cash position from the exercise of approximately four million options at A$1.20 at 31 July 2007, boosting its cash reserves to approximately A$9m.