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Newera Uranium to launch $3m IPO

NEWERA Uranium Ltd has lodged a prospectus with the ASIC to raise $3 million in its initial public offer to fund the exploration and evaluation of its uranium deposits. The placement is for 15 million shares at an issue price of 20 cents each. The company has secured a portfolio of uranium tenements from Cazaly Resources Ltd, across highly prospective ground in Western Australia and the Northern Territory, including the Lake Way project situated 16 kilometres south-east of the Wiluna township. Cazaly will retain a 30 per cent interest in Newera post listing through receiving 10 million shares as part consideration for the sale of assets to Newera. Cazaly intends, subject to shareholder and regulatory approvals, to conduct an in-specie distribution of these shares to all Cazaly shareholders after Newera has been listed on the ASX for at least six months.

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