Monday, 23 April, 2007

The Age

Uranium Australia Ltd is planning an initial public offer (IPO) of shares to raise between $20 million and $30 million and will use the proceeds for exploration.

The company, which is a subsidiary of listed metals and minerals explorer Korab Resources, has a tenement covering just under 20,000 square kilometres in Western Australia and the Northern Territory.

Its projects include Hercules, Tank Well, Batchelor joint venture, Salt Dam, Green Alligator, Lohengrin, Throssell joint venture, Yalinga Bore and Maitland joint venture.

Under the IPO, the majority of shares in Uranium Australia will be offered to domestic and offshore institutions although Korab shareholders will be given a priority allocation.

Korab did not say when the IPO was expected to occur, saying it was dependent on the lodgement of the prospectus.