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Proactive Investors (AU) - Placement funds to be used at Monaro Mining North American uranium projects

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Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: MRO
News: Latest news
Web Site: Monaro Mining
Other Articles: 19-10-200929-07-200915-07-2009

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Monaro Mining

Monaro Mining

Following the merger with Uranium King Limited, Monaro Mining (ASX: MRO) has two 100% -owned pre-development uranium projects in Nevada and New Mexico, USA.

In addition, an agreement has been signed with Vale Exploration Canada over a number of prospective uranium tenements in the Apache Basin of Arizona.

Monaro also has projects in the Kyrgyz Republic which are subject to a Memorandum of Understandingwith Sinosteel Corporation of China.

Tuesday, October 27, 2009

Placement funds to be used at Monaro Mining North American uranium projects

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Monaro Mining NL (ASX: MRO) will use the $3 million raised through a placement to enhance its key North American uranium projects.
 
The placement to sophisticated investors of 33,333,333 fully paid ordinary shares at $0.09 per share was strongly supported among a range of sophisticated investors and was oversubscribed.

Currently, Monaro is trading at $0.11.

“There is no doubt that we are seriously undervalued in comparison to our peers and I am confident that this will be corrected over the coming weeks and months,” Jim Malone chairman of Monaro said today.

Monaro will use the bulk of the funds raised through the placement to enhance the company’s 100% owned uranium projects at Rio Puerco in New Mexico and Apex-Lowboy in Nevada, USA.

Monaro recently announced that an independent re-evaluation of the Rio Puerco mine data-set had resulted in a more than doubling of the project’s JORC inferred uranium mineral resources.

The Company has also recently completed a detailed review and assessment of the Apex-Lowboy uranium deposit in Nevada.
 
The company plans to use the funds raised for exploration and resource definition drilling, additional geophysical and geochemical surveys as well as advancing environmental and planning matters on both project areas. In addition, funding will also be applied to the company’s gold projects and general working capital requirements, said its chairman Jim Malone.

“We are now poised to deliver on our previous assessment of the quality of our USA assets and I believe that our shareholders will now start to see the Company being re-rated as the market absorbs the quality of the assets,” he said.

To comply with ASX Listing Rule 7.1 the placement will be issued in two tranches: $1.4 million for the issue of 15,445,685 ordinary shares, to be completed within the company’s 15% share issue capacity; and $1.6 million for the issue of 17,887,648 ordinary shares to be issued following the approval of shareholders at the Annual General Meeting to be held on 30 November 2009.

The settlement of application funds and issue of shares for Tranche 1 is anticipated to take place on 30 October 2009.

A total of 15,445,685 new ordinary shares will be issued bringing total issued capital of Monaro to 118,816,915 shares. Settlement for Tranche 2 is expected to take place in early December 2009.

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