Omegacorp releases details of Mantra IPO

Perth-based heavy mineral sands explorer OmegaCorp Ltd has announced the final details of the initial public offering of its wholly owned subsidiary Mantra Resources Ltd, on the ASX, aiming to raise $6.4 million.

Mantra will have direct and joint venture interests in a number of uranium projects in Tanzania. The company expects to lodge a prospectus for the Mantra offer with ASIC on approximately 8 August 2006.

The offer will consist of up to 32 million shares at 20c each. Final details of the offer are as follows:

The Mantra Board will consist of Robert Behets, an experienced geologist and previous executive with WMC Resources Ltd, as managing director and two existing OmegaCorp directors, Ian Middlemas and Mark Pearce.

Due to an increased capital base as a result of the recently announced share placement in OmegaCorp, the details of the offer outlined above are different to those announced by the Company in May.

The offer is expected to open on August 25, with trade to commence on September 27.