Geiger Counter Ltd, the specialist uranium investment vehicle, invested £150,000 by way of a private placing of one million shares at a price of 15p in Vane Minerals (AIM: VML). The size of the investment is small, but investors were emboldened by the price the placement was executed at.
Vane will use the funds raised to accelerate work on uranium properties in the US where drilling is currently underway at the Miller breccia pipe target in Northern Arizona and additional drilling is planned for the Big Red, Red Dike and Rabbit pipes.
Director Matthew Idiens added, "We are delighted that Geiger Counter, the world's first specialist uranium investment vehicle, has continued to show its support for VANE and the Company is pleased to be able to assist Geiger Counter in increasing its exposure by way of this small placing. The commencement of drilling at our uranium targets is a major milestone in the development of the Company. Our hope is that, if the results of this year's drilling programme are positive, they will be reflected in a re-rating of our shares."