United Uranium in $5m IPO for NT exploration

Subiaco-based uranium exploration company United Uranium Ltd aims to raise $5 million through its initial public offer, using the funds for exploration of its various Northern Territory projects.

The company will issue 25 million shares at 20 cents each to raise the money, which will be first used to explore its Pine Creek project, located on the Jindare homestead 25 km south of the township of the same name.

The offer is not underwritten, and oversubscriptions will not be accepted.

United Uranium is chaired by former China National Minerals and Metals Import & Export Corporation (Minmetals) Australia representative (Simon) Xing Yan, in a non-executive capacity. He is joined on the board by George Lazarou, Michael Vaughan and Mark Fogarty. Elizabeth Hanrahan will serve as company secretary.

The company has hired Mining Corporate Pty Ltd to act as IPO compliance managers, with Rix Levy Fowler to serve as investigating accountants and auditors. CK Locke & Partners Pty Ltd will act as AFS licensee and lead manager to the deal, with Steinepreis Paganin providing legal advice.

The offer opened on May 2 and will close on June 22.