The announcement is more than 29 May 2009, international uranium company in Western Australia Metals Limited (ASX: WME) was pleased that secured the leading AIM-listed international mining and exploration group Polo Resources Limited (AIM: PRL) as a primary investor in the previously announced $ 9.9 million share placement.
Polo Resources akan subscribe for 49.65 million shares (and attaching options) under the placement, which will involve the issue of a total of 82.6 million shares at the issue price of $ 0.12 each with an attaching option exercisable at $ 0.25 June 30 2011 for each two shares issued. The balance of the placement must be subscribed to by institutional investors or sophisticated. Once completed the placement akan Polo Resources has approximately 11.95% of shares on issue.
Polo currently has 9.08% in the Extract Resources Limited, operator of Rossing South uranium discovery in Namibia (located near the WME's Project Marenica) was included in the register to obtain the agreement of up to 19.9% of A-Cap Resources, which are Letlhakane develop a uranium project in Botswana, and has a 8.93% interest in the Berkeley Resources, a leading uranium explorer and developer in Spain.
Mr. Paul Ingram, Director of Polo Resources Limited, will join the Board of the Company on the completion of the placement.
Mr. Ingram is a geologist with wide experience in managing major programs for a number of mineral exploration company publicly listed. He has been designing and implementing innovative techniques for exploration in remote areas, and have a project that is managed in Australia and all Asian countries east. Mr. Ingram has been involved in mineral exploration and development for more than 30 years. He was previously Managing Director of Menzies Gold Ltd and Exploration Director of Caledon Resources PLC.to find more just visit : www.mineweb.co.za
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