GOLD producer Resolute Mining has incorporated a new entity subsidiary called Valhalla Uranium in order to spin off its uranium assets. It is proposed that Valhalla will raise about $7 million through an initial public offering, with its shares to be listed on the Australian Stock Exchange. Resolute has joint venture interests in a number of uranium projects it believes are both at an advanced and prospective stage. It has a 50 per cent stake in the Valhalla and Skal uranium deposits near Mt Isa in Queensland and a series of other resources at various stages in the Northern Territory. It will retain a significant holding in Valhalla following the listing and has appointed Patersons Securities to assist it with the process with preparation of a prospectus for the capital raising currently underway. Resolute follows a number of other explorers with prospective uranium holdings who have also realised the benefits of a spin-off.
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