kalahari raises cash & lays it on the line

See http://fool.uk-wire.com/cgi-bin/articles/200812091004327833J.html

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of copper, base metal and uranium interests in Namibia, has conditionally raised £3,953,000, before expenses...

The net proceeds of the Placing will be used to maintain Kalahari's stake in Extract Resources Ltd (ASX and TSX: EXT) ('Extract'), in which it holds 39.05%, to develop the Company's current copper and base metal projects and for general working capital requirements.

Hmmm... does that mean they expect EXT to raise some more cash & stand ready to take their share?

Kalahari Executive Chairman Mark Hohnen said, 'The demand for the placing, particularly in the current environment, clearly indicates that investors believe in the quality of our portfolio and endorses our development, corporate and investment strategy. The fund-raising would also again appear to vindicate our decision to terminate our merger plans with Extract. Rio Tinto's stake building in both Extract and Kalahari prompted concerns from a number of our larger shareholders that there was the potential for Rio Tinto to acquire effective control of the merged company without paying a premium for doing so.

'Recent results published by Extract from Rossing South reinforce that it is the most outstanding new deposit to come to market in recent years and we are confident that Extract will have a resource on the project in the upper range of its 57.3 - 92.5 M lb U3O8 exploration target. There is a building appetite in the market for uranium plays, emphasised by the recent acquisition of Toronto listed Forsys Metals Corp ('Forsys') by George Forrest International Afrique for circa C$580 million. Taking into account this acquisition of Forsys, which operates in the same uranium district, it would suggest when comparing resource base and grade, Extract is trading at a deep discount to what the market is currently placing on uranium discoveries. Extract has a world class portfolio of uranium deposits and we, our existing and new shareholders recognise its huge potential. We remain highly supportive of Extract and will assist in all ways possible to ensure that the value of their uranium portfolio is both recognised and maximised.'

That's telling 'em. :0)

For me, kinda makes it obvious what all the Boardroom shenangans at URU (Niger Uranium, who own 16.7% of Kalahari) & now at EXT have been about.

Cheers,

Mark