Power raises $2.2m for uranium exploration

Applecross-based Power Resources Ltd has announced plans to raise $2.2 million through its initial public offer to fund exploration on its two prospective sandstone-hosted uranium deposits.

The company, which will issue 11 million shares at 20 cents each to rase the money, owns two tenements in the Gascoyne and the Kimberley region.
The company has also announced plans to issue some non-renounceable entitlements Loyalty Options on the base of one for every two shares held after it starts trading on the Australian Securities Exchange.

The offer is not underwritten and oversubscriptions will not be accepted.

Power is chaired by Prime Minerals Ltd and Ironbark Gold Ltd director Vincent Hyde., who will also serve as company secretary. He is joined on the board by Cecil Che-Cheun Lee and Warren Dunne.

Melbourne-based Pinnacle Equities will serve as manager to the issue, while legal advice was provided by Pullinger Readhead Lucas. HLB Mann Judd served as investigating accountant as auditor.

The offer is due to close on November 30.