Uranium miners ERA seeks $500m for expansion
October 12, 2011 - 10:31AM
Uranium miner Energy Resources Australia plans to raise $500 million with the issue of new shares to fund expansion plans.
ERA said its majority shareholder Rio Tinto, which holds a 68.4 per cent stake in ERA, is fully supportive of the share offer and has committed to subscribe to its full entitlement.
ERA, a uranium producer, will offer 12 new shares for every seven shares held, at a price of $1.53 per share.
12 shares at $1.53 = $$18.36
Divided by 7 = $2.62
Is this the effective placement price?
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