Uramet raises $7m ahead of listing

Subiaco-based uranium and base metals explorer Uramet Minerals Ltd has closed its initial public offer early, after raising the maximum subscription amount of $7 million.

The company, which plans to list on or before June 19, was spun out from Subiaco's Elkedra Diamonds NL earlier this year, and will explore tenements in the Georgina Basin which the company says have already been thoroughly explored for diamonds.

Elkedra, which mines for diamonds in Brazil, will retain about 38 per cent of Uramet following the listing.

Uramet will also reserve 25 per cents of shares issued under the prospectus - 8.7 million shares - for Elkedra shareholders in a pro-rata priority offer.

Uramet managing director Bill Hewitt said the company had been encouraged by the strong reponse from Elkedra shareholders.

Meanwhile, West Perth-based freight vehicle maintenance firm Transerv Australia Ltd also closed its placement to overseas investors today, raising $990,000 to replenish its working capital.

The placement, of 55 million shares at 1.8 cents each, will be used to fund existing business operations and facilitate new investment opportunities.

The full text of an Uramet announcement is pasted below

Uramet Minerals Limited is pleased to report that its IPO has received very strong support from investors, enabling the offer to close early with the maximum subscription amount of A$7million having been raised.

Uramet Managing Director Bill Hewitt said: "We are extremely encouraged by the strong response from Elkedra Diamonds shareholders, institutions and the general public. We see this as a reflection of the market's belief not only in the strength of ongoing demand for uranium well into the future, but also in the prospectivity of Uramet's targeted tenement package in the Georgina Basin (NT and Qld).

I thank all those Elkedra shareholders who have chosen to invest in Uramet, and I also warmly welcome our many new investors. I look forward to your continued support."  

Uramet's ASX listing should occur on or before 19 June 2007. The dates for the despatch of holding statements and commencement of trading will be announced shortly

The full text of the Transerv announcement is pasted below

The Company has closed its placement to sophisticated investors of 55 million shares at 1.8 cents each to raise $990,000 oversubscribed. The funds from the placement are required to augment the Company's free working capital, and will be used to finance its existing business operations and to facilitate new investment opportunities.

This placement will take place under the Company's existing 15% capacity and the placement shares are expected to be allotted shortly.