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ISSUE OF SHORTFALL AND DESPATCH OF STATEMENTS
On 10 July 2007 the Company announced that it has processed subscriptions from
shareholders for 55,859,934 Shares (and attaching options) to raise $3,351,596 under the
recent Entitlement Issue, which closed on 5 July 2007. Undersubscriptions for the
Entitlement Issue totalled 29,516,790 Shares (“Shortfall”)
Pursuant to the Underwriting Agreement entered into on 11 April 2007 and in accordance
with the section 5.2 of the Prospectus dated 6 June 2007, the Company is pleased to
advise that a further 50,000,000 Shares have now been allotted and issued to the
Underwriter, Euroz Securities Limited (comprised of the Shortfall and the balance of
20,483,210 shares through a placement) to raise an additional $3,000,000 and bring the
total raised from the Entitlement Issue to $6,351,596.
Principally, these funds will be used to advance the exploration and development of the
Company’s uranium assets and to provide additional working capital.