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Red Centre in $2m IPO

SUBIACO-BASED Red Centre Uranium Ltd will raise $2 million in its initial public offer, using funds raised to investigate opportunities in mining or industry, with particular focus on uranium developments. The company will issue 20 million shares at 10 cents each to raise the funds, with the majority to be employed as working capital. Red Centre, which was incorporated in February this year, will also issue an attaching free option exercisable at 20 cents and expiring in 2012 for every two shares subscribed. The company is chaired by Anglo Australia Resources director Angus Pilmer, who also served on the boards of Precious Metals Australia and Biometrics Ltd. He is joined on the board by Trevor Pugh and Tony Ince. RSM Bird Cameron Partners will act as auditor to the company, with Steinepreis Paganin serving as solicitors to the company. The offer, which is not underwritten, opened on April 11 and will close on May 31.

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