Uranium Resources Raises 1.85 mln stg to advance uranium exploration in Tanzania
LONDON (AFX) - Uranium Resources PLC said it received binding commitments to raise 1.85 mln stg via the issue of 73.9 mln shares at 2.5 pence each.
It expects to announce shortly that is has received binding commitments in respect of a further 6.1 mln shares on the same terms.
The proceeds will be used to advance uranium exploration in Tanzania and for working capital.
The company said it will now develop plans to potentially list on the Australian Stock Exchange.
'The board believes that such a move will alleviate the liquidity issues that our shareholders face on AIM and reduce or eliminate the disparity in valuations between the company and Western Metals,' it said.
It has a farm in agreement with Western Metals Ltd.
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