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Aura Energy lists on London’s Aim

12th September 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Uranium development company Aura Energy started trading on the Aim on Monday.

The Australian gold, soda ash and lithium explorer, with projects in Africa and Europe, raised £2.24-million through the placement of 196-million new ordinary shares at £0.0114 apiece, giving it a market capitalisation of £7.45-million.

In conjunction with the placement, Aura confirmed it had executed subscription agreements with sophisticated Australian investors, to raise a further £466 990 at £0.012 apiece.

It is anticipated that the Australian subscriptions will be completed on or around September 16.

“This is an outstanding outcome for Aura Energy and we have always believed that, given our European and African focus, dual listing on Aim was both an attractive option for Aura and a natural marketplace for us,” chairperson Peter Reeve said in a statement.

He added that this was a transformational period for Aura, and as only the second quoted uranium company on Aim, the company believed it could generate significant traction for its shareholders as it progressed its strategy of phased development and low capital cost projects to allow early cash flow generation, particularly from the Tiris uranium project, in Mauritania.

“The success of this dual listing process is a vindication of our assets. This package of development and exploration assets has gained broad market appeal with investors and has been the subject of a full technical review by an independent competent person.

“In addition, Aura received exceptionally strong support from existing and new shareholders for its recent Mauritanian gold transaction where we secured a vast underexplored tract of greenstone belt just south of the 21-million-ounce Tasiast gold mine owned by Kinross Gold,” Reeve highlighted, adding that the separate application for lithium and soda ash permits in Mauritania was also well received.

“We believe this now well-funded phase positions Aura ideally over the coming years as we build ourselves into a leading uranium developer, advancing our projects towards high-margin, profitable production in the near to medium term.

“There is a substantial uranium market opportunity ahead of us as there has been little new investment into the uranium sector, despite the world’s energy needs growing exponentially. The resultant supply deficit in nuclear energy will be significant,” he added.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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