18/07/2014 - 12:32

Uranium Equities to raise $1.5m

18/07/2014 - 12:32

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Uranium Equities has announced a one for three rights issue and placement to raise up to $1.5 million for its Alligator Rivers uranium field and general working capital.

Uranium Equities to raise $1.5m

Uranium Equities has announced a one-for-three rights issue and placement to raise up to $1.5 million for its Alligator Rivers uranium field and general working capital.

The rights issue will be priced at 1 cent per share and raise up to $1 million, while the placement will consist of 45 million shares at 1 cent each, raising $450,000.

The company said Alligator Rivers had an endowment of at least 500 million pounds of uranium.

“In light of the recent Angularli discovery and UEQ’s own investigations in the West Arnhem region, all areas will now be re-examined through systematic exploration work,” the company said.

In April this year, managing director Bryn Jones resigned and was replaced temporarily by Tim Goyder, who took on the role of executive chairman.

Mr Jones has remained on the board as a non-executive director.

Uranium Equities was down 14.3 per cent to 1.2 cents at the time of writing.

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