Subiaco-based Salinas Energy Ltd has raised $5.2 million, through the sale of its remaining shareholding in uranium explorer OmegaCorp.
The sale, to a number of international investors, comes as the party brings its focus onto its Californian oil and gas portfolio.
Salinas, which was previously known as Renewable Energy Ltd, acquired the shares as a part of the demerger of its residual mining assets in 2004, contributing $2 million as a part of that process.
The full announcement is pasted below
Salinas Energy is pleased to advise that it has realised $5.2 million (before costs) from the sale of the Company's share holding in listed uranium explorer OmegaCorp Limited.
The asset sale is consistent with Salinas Energy's focus on rapidly building an oil and gas business and considerably strengthens the Company's financial position with over $16.0 million in cash and refundable deposits/bonds.
Commenting on the asset sale, Salinas Energy Managing Director John Begg said:- "This is an added bonus for the Company as we continue to aggressively build our California oil and gas portfolio and the related drilling programs. We already have deposits paid for drill rigs contracted and will soon have a number of operations underway in addition to the ongoing work at North Yowlumne, all of which have the potential to significantly impact the value of the Company."