(EnergyAsia, May 30) — Australia-listed Newera Uranium Limited recently lodged a prospectus with the local securities authority to issue 15 million shares to raise A$3 million. (US$1=A$1.33).        The company was formed in March to acquire, explore, evaluate and exploit its uranium deposits and surrounding exploration tenements as well as actively pursue the acquisition of additional local uranium assets and projects overseas.

           

The company said it has secured a portfolio of uranium tenements from Cazaly Resources Limited across highly prospective ground in Western Australia and the Northern Territory including the Lake Way Project situated just 1.5 kilometres north of Nova Energy Limited’s Lake Way uranium deposit.

 

Cazaly will retain a 30% interest in Newera post listing through receiving 10 million shares as part consideration for the sale of assets to Newera and intends, subject to shareholder and regulatory approvals, to conduct an in-specie distribution of these shares to all Cazaly shareholders after Newera has been listed on the Australian Stock Exchange (ASX) for at least six months.

 

Newera said its goal is to systematically build a uranium exploration and production company with assets in Australia and overseas.

 

Cazaly has also secured for its shareholders an allocation of 3,750,000 shares ($750,000) in Newera for Cazaly shareholders under a priority offer with such shares to be allocated on a first-come-first-served basis.