Aura Energy seeks dual listing in London
Aura Energy was seeking to list on London’s junior market, with admission expected in the third quarter of 2016.
The uranium development company was focused on developing projects in Africa and Europe towards production.
In particular, in the near-to-mid term it was devoting its energies towards developing its 49Mlbs Tiris uranium project in Mauritania, with a feasibility study due to be completed by late 2017.
Funds raised from the placing would contribute towards the costs of finalising the feasibility study for Tiris and to fund general working capital, the company said in a statement.
Work was also progressing on its longer-term 803Mlbs Haggan uranium project in Sweden.
Aura’s directors expected there would be increased demand for uranium and price growth as a result of forecasts for the nuclear energy supply deficit to increase, such as those made in March 2016 by the World Nuclear Association.
Peter Reeve, Executive Chairman of Aura, commented: “We believe the market opportunity for the next generation of uranium production projects is evident and the long-term uranium growth fundamentals are highly positive.
“There has been little new investment into the uranium sector, yet the world’s energy needs are growing exponentially and we believe the resultant supply deficit in nuclear energy is significant. Aura intends to help balance this potential supply deficit by developing uranium projects for the nuclear energy sector.”
Opportunities in gold, lithium and soda ash in Mauritania were also being explored, with the company having already applied for the pertinent licenses.
“We believe these assets, coupled with our clear strategy of phased development and low capital costs to allow early cashflow generation, and a management team with extensive resource experience, sets Aura apart from other uranium exploration and development companies on the market,” the company said.
Windsor, Victoria-based Aura Energy was already listed on Australia’s ASX with a market capitalisation of AUD$9.02m as of the close of trading on 15 August.
WH Ireland was to act as its nominated adviser and sole broker.