05/03/2008 - 13:37

Universal raises almost $3m for QLD copper project

05/03/2008 - 13:37

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Universal Resources Ltd has placed 33.8 million shares at 65 cents each with New South Wales-based Tulla Resources Group Ltd to raise about $2.2 million

Universal Resources Ltd has placed 33.8 million shares at 65 cents each with New South Wales-based Tulla Resources Group Ltd to raise about $2.2 million

This placement, combined with the placement of 11 million shares (which raised $715,000) announced in February, completes the company's current capital raising.

Combined with shares previously acquired, Tulla Resources has become a substantial shareholder with a total of 38.8 million shares (11.28 per cent stake).

Tulla Resources is the investment vehicle for strategic resource and resource related services of the Tulla Group, with investments in coal, copper, nickel, gold, oil and gas.

The Tulla Group also has interests in the mining services sector through its 62 per cent shareholding in The MAC Services Group Ltd, and has expanding interests in road transport, exploration drilling services and the provision of specialised management services to the junior resources sector.

Tulla Group chairman Kevin Maloney said he wanted to work with Universal to help it achieve its aims and objectives with the Roseby Copper Project, near Mt Isa in Queensland.

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