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Uranex to raise A$1,960,000 for working capital

Published: 08:33 04 Aug 2010 BST

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Uranium exploration and mining development company Uranex (ASX: UNX) has announced a placement of shares to Acorn Capital Limited of 14,000,000 ordinary fully paid shares at $0.14 each to raise $1,960,000 for working capital.

Andrew Daley, chairman, said “we look forward to welcoming Acorn Capital Limited to
our register as a substantial shareholder and see their decision to make this investment as supportive of the future direction of the company."

The placement is subject to shareholder approval, and the company will now be taking steps to convene the necessary General Meeting as soon as is practicable.

Uranex has a number of high quality and diverse uranium exploration targets in Australia  and in the east African nation of Tanzania the company is aiming to be the first uranium producer.

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