Talisman and Proto put $4m IPO on ice

Talisman Mining Ltd and Proto Resources and Investments Ltd have agreed to shelve the proposed $4 million initial public offer of their uranium joint venture, Protal Metals Group Ltd.

The two parties had originally planned to vend their combined uranium exploration assets into Protal, with the new explorer to subsequently raise approximately $4 million, ahead of listing on the Australian stock exchange in the latter half of 2007.

"In view the current adverse financial market conditions, the board of Talisman, together with the board of Protal, have determined that the proposed Protal IPO will be placed on hold pending a decision to proceed with the proposed IPO," Talisman said in a statement today.

In Talisman's case, the proposed divestment of assets included its Copper Hills project near the Kintyre uranium deposit in Western Australia and access, where appropriate, to the uranium potential only of the company's precious and base metal projects.

Proto Resources and Investments Ltd contribution included the uranium potential of the Arunta project in the Northern Territory and the Mount Vetters project in WA.

Talisman was to retain exposure to the uranium sector via a 14 per cent shareholding in the new entity.