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$2.7M Rights Issue for Batavia

Batavia operations


Batavia Mining Ltd has announced a fully underwritten $2.7 million rights issue to underpin its forthcoming uranium exploration and development program in the Northern Territory.

The recently announced program will involve systematic testing of a wide range of advanced uranium prospects, and is scheduled to commence shortly.

Batavia will shortly lodge a Prospectus for a non-renounceable pro rata offer of approximately 67.8 million shares at 4 cents each, together with one free attaching option exercisable at 5 cents on or before 15 June 2006, on the basis of one share and one option for every four shares held at the record date.

The pro rata offer will raise approximately $2.7 million and will be fully underwritten by Perthbased broking firm, Kirke Securities Ltd.

The company will make application to the ASX to list both the new shares and the options to be issued pursuant to the rights issue.

“The funds raised will predominantly be used to fund Batavia’s planned exploration activities at its recently acquired portfolio of uranium projects in the Northern Territory, and to further strengthen the company’s working capital position following the $1.8 million rights issue completed earlier this year,” Greg Durack, Batavia’s Managing Director, said.

“The company is also pursuing ongoing exploration activities at the Gullewa Gold-Copper Project in Western Australia, where it recently announced high-grade results from deep drilling,” Mr Durack said.

- 23 Sep 2005

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