UraniumSA is an Adelaide-based uranium-only explorer specialising in sediment-hosted and unconformity styles of uranium mineralisation within a substantial portfolio of properties in South Australia’s Gawler Craton. The company has a portfolio of uranium properties located within South Australia comprising six projects in two principal areas.
The Eastern Eyre Peninsula, located 300km west of Adelaide, includes the Mullaquana, Cleve and Tumby Bay Projects, and the Kingoonya Palaeochannel System, 600km northwest of Adelaide, includes the Tarcoola and Muckanippie projects.
The company's mission is to discover and develop quality mining assets that deliver environmentally and economically sustainable outcomes to the company, its stakeholders and the communities it works within.
UraniumSA raises $4 million through share placement
Uranium explorer UraniumSA (ASX: USA) intends to use the $4 million raised through its recent placement to sustain its pace of regional exploration and the drill-out of resources within its Mullaquana project tenement in South Australia.
It also plans to commence exploration drilling in the joint venture ground to the south of the Mullaquana tenement with the funds raised.
BGF Equities managed the placement of 20,000,000 fully paid ordinary shares at 20 cents each, which has been made to institutional and sophisticated investors.
The placement is being undertaken in two tranches. The first tranche of 5,000,000 shares is to be settled within the next several days under the company’s 15% capacity under ASX listing rule 7.1 and shareholder approval is therefore not required.
The second tranche for the balance of 15,000,000 shares to be settled as soon as practicable after receiving the necessary shareholder approval at the Annual General Meeting of its shareholders to be held in November 2009.
The company will also be seeking shareholder approval at the Annual General Meeting to ratify the 5,000,000 shares that are being issued in the first tranche.
The funds raised by the placement will enable the company to move forward strongly and with confidence in planning these works, in letting contracts for jobs which require specialised equipment or expertise, and in continuing to expand its own operating capacity, said UraniumSA managing director Russel Bluck.
Shareholders received entitlement to a pro-rata issue in April 2009, which was fully subscribed with no shortfall. The placement currently being undertaken represents the first step in the institutionalisation of the share register, as the company’s projects progress to the point of requiring mine development funding.
UraniumSA is continuing its active exploration program at Mullaquana, scheduling work at the Blackbush prospect to move portions of its estimated inferred mineral resource of U3O8 into more advanced JORC classifications, and to follow up recently announced intersection to the south of Blackbush with pattern drilling.
