20/07/2009 - 14:18

Uranium Australia to list in October

20/07/2009 - 14:18

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South Perth-based Uranium Australia is gearing up for a local stock market listing in October as it receives expressions of interest from brokers to underwrite its $6 million initial public offer.

South Perth-based Uranium Australia is gearing up for a local stock market listing in October as it receives expressions of interest from brokers to underwrite its $6 million initial public offer.

Uranium Australia is a spin off from South Perth-based Korab Resources, which holds a strategic stake.

Uranium Australia holds around 90 per cent of the uranium rights in Korab's polymetallic projects in WA and the Northern Territory.

In an announcement today, Korab said Uranium Australia had received in principle advice from the Australian Securities Exchange over the in specie distribution of shares to Korab shareholders.

Korab said the advice now enabled it to distribute one free Uranium Australia share to shareholders for every Korab share held.

Korab said it will schedule a meeting to obtain shareholder approval for the Uranium Australia share distribution.

It added that it had been advised by Uranium Australia of plans to list on the ASX in October, with the IPO to offer shares at 20 cents each.

Shares in Korab jumped 3.8 cents, or 49 per cent, to close at 11.5c today.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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