Energy Ventures (ASX: EVE) is looking to the market to raise A$1.6 million through a non-renounceable Rights Issue to support the ongoing technical assessment of the Aurora uranium deposit in Oregon, U.S.
Up to $750,000 of the Rights Issue is underwritten. Energy Ventures will issue about 45 million shares at $0.035 per share.
The Rights Issue will be offered to all eligible shareholders on the basis of one new share for every seven and a half (7.5) shares held.
All Energy Ventures shareholders who are registered as at 5pm (AEDT) on 9 February 2012 and who have a registered address in Australia or New Zealand can participate in the raising.
Aurora Metallurgical Results
Just yesterday Energy Ventures revealed to the market a positive set of initial metallurgical results, which show, importantly, the potential for efficient removal of internal waste through scrubbing and screening with minimal uranium losses.
This would allow bulk mining of the resource and upgrading of mineralisation prior to leaching.
Aurora displays strong potential due to hosting a near surface, flat lying zone of higher grade mineralisation amenable to open pit mining.
The Aurora deposit has a total resource base of 38 million pounds eU3O8, comprising an Indicated Resource of 36.7 million pounds eU3O8 at 253 parts per million, and an Inferred Resource of 1.2 million pounds eU3O8 at 151 parts per million.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24718/energy-ventures-eyeing-a16m-to-continue-technical-assessment-at-aurora-in-us-24718.html
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