Polo Resources appetite for uranium showed no signs of abating, after the company announced that it had raised a further US$10 million to “take advantage of additional uranium opportunities”. The coal and uranium investment and mining company has placed160 million shares at 3.85 pence per share through Cannacord Adams and BMO Capital Markets.
Stephen Dattels, Neil Herbert, Bryan Smith and Guy Elliot, all directors of the company, participated in the placing, acquiring a cumulative 11.27 million shares. Following the placing, the four directors hold approximately 4.55%, 2.2%, 0.18% and 1.2% respectively.
Polo Resources has a wide range of interests in the coal and uranium sectors. It recently participated in a placing with ASX listed Impact Minerals (ASX: IPT), investing A$3 million for a 19.98% stake in the Botswana focused uranium exploration company, whose own licences are in close proximately to A-Cap Resources (ASX: ACB), in which Polo also has a 19.9% stake.
Polo Resources also recently participated in a fundraising completed by West Australian Metals (ASX: WME), investing approximately A$5.9 million for an 11.1% stake. West Australia Metals is focussed on The Marenica Project which currently comprises of a large, bulk tonnage uranium deposit with a JORC compliant Inferred Resource of 111 million tonnes averaging 140ppm U3O8 for 34 million pounds of contained U3O8.
Polo Resources has also built up a significant stake in Extract Resources (AIM & ASX: EXT) which is advancing the world class Rossing South Uranium discovery in Namibia, and hold a 8.93% interest in Berkeley Resources (AIM & ASX: BKY). Berkeley has acquired a number of advanced uranium exploration projects in Spain totalling approximately 450,000ha, covering all the main historic uranium mining and exploration areas in the country.
On the coal front, Polo Resources has a joint venture with Peabody Energy (NYSE: BTU) to jointly explore 21 licences in the South Gobi Basin in Mongolia, holds a 26.3% in Caledon Resources (AIM & ASX: CDN) and a 29.8% in GCM Resources (AIM: GCM).