Polo invests over $5m in Berkeley

London-listed Polo Resources has spent more than $5 million building its stake in Perth-based uranium hopeful Berkeley Resources.

In a notice to the local stock market, Polo showed it had spent $5.23 million buying 4.48 million shares on-market on two separate trading days.

On average, Polo paid $1.16 for each share. Berkeley's share price was unchanged at $1.20 at 12:10 AEST.

The transaction lifts Polo's shareholding in Berkeley from 11.44 per cent to 15.07 per cent.

Polo was introduced to Berkeley's share register through a capital raising, where Polo subscribed to 10 million shares and 5 million options in a $10 million placement.

Berkeley is currently progressing its Salamanca uranium project in Spain.