Uranex taps $4.7 million capital raising to advance Manyoni uranium project study

Uranex (ASX: UNO) has raised $4.7 million via a placement of 11.8 million fully paid shares at 40 cents per share.

Funds raised will be used to advance the Manyoni Pre-Feasibility Study and exploration at the Mkuju Project. This follows positive scoping study results at Manyoni.

Uranex will use the injection of funds to progress "the company to uranium producer" John Cottle Managing Director of Uranex said.

Current Manyoni JORC Inferred Resource stands at 15 million pounds of U3O8 above 100ppm U3O8. Uranex is aiming to be Tanzania’s first uranium producer and has 4 tenements (3 granted and 1 application) covering an area of 4,700km2. The project area is linked by road and rail to the national capital of Dodoma located 70kms to the east.

The Study is scheduled for completion by December 2009.

http://www.proactiveinvestors.com.au