Prime Minerals raises $2.2m in IPO
Perth-based uranium resource company Prime Minerals will list its shares for trading this coming Wednesday, 3 January 2007, following the closure of its oversubscribed Initial Public Offer to raise A$2.2m.
As part of the IPO, Prime will issue 11,000,000 Shares at an issue price of 20 cents per Share and at listing will have a market capitalisation of approximately A$6.5m. Prime will also issue all shareholders one loyalty option for every two shares held in four months time for one cent, these 20 cent options will be immediately listed after Issue and expiry is October 2009.
Prime will complete a low-level airborne radiometric survey and an extensive drilling programme over the Lake Mason Uranium Tenement, with a view to substantially increasing Prime’s Uranium Deposit. Lake Mason is located 40kms south of BHP Billiton’s 52,000t Yeelirrie deposit, which is the world’s largest calcrete uranium deposit. (Refer Prime Project Descriptions).
Prime Chairman Bruce Hawley said, “This is an exciting time for Prime with funds initially used to fly radiometrics over the Lake Mason uranium deposit area next month followed by an aggressive drilling campaign”.
Prime will also carry out target generation over the iron ore, vanadium and gold tenements followed by drilling the priority targets. Additionally, the Company will target opportunities to acquire further projects and focus on increasing shareholder wealth.
The Directors of Prime Minerals Ltd are well experienced with strong technical backgrounds, with extensive corporate and exploration expertise, including specialist uranium management experience. Full details of the board and their respective experience are provided in the Editors Notes.
Western Australian corporate advisor Maiden Capital Pty Ltd acted as the Manager to the issue.
Key Points: – Initial Public Offering closes over subscribed – raising A$2.2m – Focus on Lake Mason Uranium Deposit (374,000lbs uranium) – Company also exposed to iron ore, vanadium and gold in Western Australia – Quality “Prime” management team with extensive operational and corporate experience particularly in uranium
– Shares to commence trading on Wednesday (3 January 2007)