Energy Ventures
Full Energy Ventures profile here
Energy Ventures (ASX: EVE) has a portfolio of five U.S. based uranium projects, including the Aurora deposit which has a total resource base of 38 million pounds eU3O8.
The company has the opportunity for eU3O8 growth by converting historical resources into JORC compliant, along with expansion from drilling programs.
Energy Ventures shareholders to receive African Energy shares
Friday, October 08, 2010
Energy Ventures (ASX: EVE) are to distribute 85,250,968 shares in African Energy Resources (ASX: AFR) to existing EVE shareholders, receiving approximately one AFR share for every 3.9 EVE shares held.
The distribution is subject to regulatory approval and shareholder approval at the upcoming annual general meeting.
Energy Ventures has recently acquired several new projects in western USA, including the Aurora uranium deposit and Virgin Valley uranium prospect and is actively seeking new projects in the region.
The divestment of the shareholding allows EVE to focus on these new acquisitions whilst shareholders now get direct exposure to African Energy Resources’ uranium and coal projects in southern Africa.
AFR was originally a wholly owned subsidiary of Energy Ventures and listed in 2007 with EVE as its major shareholder.
EVE currently holds 105,250,968 shares and post the distribution the company will retain approximately 20% of its holding.
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