Altona Mining Limited Stock Market Press Releases and Company Profile
Universal Resources Limited (ASX:URL) Announce A Share Placement Plan To Raise A$1.8 Million
Universal Resources Limited (ASX:URL) Announce A Share Placement Plan To Raise A$1.8 Million

Perth, Sep 15, 2009 AEST (ABN Newswire) - The Directors of Universal Resources Limited (ASX:URL) are pleased to advise that the Company has placed 100 million new shares at 1.8 cents per share ("the Placement") to Professional and Sophisticated investors. The Placement will raise a total of A$1.8 million before costs of the issue.

This amount will be used for working capital purposes during the merger period with Vulcan Resources Limited and contribute to the payment of the final Roseby Project purchase payment of A$2 million to Oz Minerals Ltd.

This Placement does not require shareholder approval as it is part of the Company's 15% issue capacity under the ASX Listing Rules. A further placement of up to 120 million shares, at the same issue price of 1.8 cents per share, will be made subject to shareholder approval. Universal's Chairman, Mr Kevin Maloney, has advised that Tulla Resources Group, a company associated with the Chairman, will participate in the second placement, to maintain its shareholder percentage commitment to the company. This participation will also be subject to shareholder approval.

A Notice of Meeting will be forwarded to shareholders in due course.

About Altona Mining Limited

Altona is a cashed up ASX listed company with a record of shareholder returns. It is focussed on the Cloncurry Copper Project in Queensland, Australia.

The Cloncurry Copper Project has resources containing some 1.65 million tonnes of copper and 0.43 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator.

abnnewswire.com 


Contact

Peter Ingram
Managing Director
Universal Resources Limited
Tel: +61-8-9486-8400



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 10) (Last 30 Days: 36) (Since Published: 4662)