01/06/2009 - 13:33

West Australian Metals to raise $9.9m

01/06/2009 - 13:33

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Explorer West Australian Metals plans to raise up to $9.9 million in a bid to secure cornerstone investors for its Marenica uranium project in Namibia.

West Australian Metals to raise $9.9m

Explorer West Australian Metals plans to raise up to $9.9 million in a bid to secure cornerstone investors for its Marenica uranium project in Namibia.

 

Below is the announcement:

 

International uranium company West Australian Metals Limited (ASX: WME) is pleased to announce that it has mandated Paterson Securities Limited to conduct a private placement of shares and options to clients of the firm on a best endeavors basis. It is proposed to raise up to $9.9 million by the issue of up to 82,600,000 shares each at an issue price of $0.12 with one attaching option exercisable at $0.25 by 30 June 2011 for each two shares issued (Placement).

One of the aims of the Placement is to secure cornerstone investors for the company as it continues to explore and develop its Marenica Uranium Project, located in Namibia, West Africa. Funds raised will be used for the Marenica
Uranium Project.

The Placement exceeds the authority being sought from shareholders at the General Meeting to be held on 10 June 2009. WME intends to call an additional meeting of shareholders on 9 July to approve the Placement.

The General Meeting being held on 10 June 2009 will be adjourned to 10.30 am on 9 July 2009, the same day as the proposed new meeting.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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