West Perth-based Uranium International Ltd will open its initial public offer today, aiming to raise $6 million to develop its portfolio of uranium, gold and base metals projects and pursue further acquisitions.
The company, which will issue 30 million shares at 20 cents each to raise the money, has acquired a portfolio of projects covering a combined 2,300 sqkm in the Ashburton, North East and West Kimberley regions of Western Australia.
Uranium International will own 100 per cent of all tenements once the offer is completed.
Of the 30 million shares on offer, 5 million will be set aside in a priority offer for shareholders of Nedlands-based Dynasty Metals Australia Ltd, after its shareholders voted in favour of the move.
Dynasty's Andrew Stocks and managing director Rita Brooks will serve on the board as directors, with the company being chaired by Ventnor Capital founder Richard Monti. John van Dieran will serve as company secretary.
Uranium International exploration manager Colwin Lloyd said in a company announcement that the company was well placed to become a successful exploration and mining firm.
"In particular, URI's Lake Mackay tenement in Western Australia neighbours Nova Energy's (Nova) Lake Mackay project and has similar calcrete rich uranium formations as Nova's Lake Way-Centipede uranium project, which is currently under a pre-feasibility study."
On completion of the Offer, URI will have up to 48 million shares on issue and a market capitalisation of $9.6 million based on the Offer price. The shares offered under the prospectus will represent approximately 62.5 per cent of the expanded issued capital of Uranium International Limited following completion of the Offer.
Uranium International has appointed Ord Partners as investigating accountant and auditor to the offer, with legal advice being provided by Lawton Gillon.
The public offer, which is not underwritten, will open on September 7, with the priority offer to close on August 31.
