Polo Resources Ltd (AIM: PRL) said it sold a 6.66 percent stake in Berkeley Resources (ASX: BKY), or 8,221,893 shares, for A$8.49 million. It still holds 10,388,181 Berkeley shares and has options over a further 5,670,037 ordinary shares.
The funds received from the disposal will be used to meet Polo's liquidity requirements and provide resources to focus on other value adding uranium opportunities.
Managing director Neil Herbert commented: “Polo remains supportive of Berkeley Resources with the substantial resource base at the Salamanca Regional Uranium Project well placed to deliver into the forecast uranium production shortfall for a relatively small capital investment.”
Polo does not presently anticipate making any further sales of Berkeley shares, it added.