Wednesday, 21 November, 2007

The Age

Uranium explorer Rum Jungle Uranium Ltd has listed on the stock exchange at a small premium to its initial public offer price.

The stock opened at 27 cents, above the 25 cents offer price, before dipping to 23 cents in the first 45 minutes of trading.

Rum Jumble raised $12 million from the sale of 48 million shares under the offer, which was underwritten by Southern Cross Equities Ltd.

The Melbourne based company has interests in exploration licences in the Northern Territory covering about four thousand square kilometres.

It is searching for uranium deposits in the top end of the territory and has developed a project at Tennent Creek, also in the territory, which it says has the same characteristics of an Olympic Dam-style deposit.

Upon listing Rum Jungle had a market value of $13.5 million.