GREAT NEWS!
June 2007
ASX Release
CANADA’S MEGA URANIUM TAKES 5% STRATEGIC INVESTMENT IN SCIMITAR
The directors of Scimitar Resources Ltd (ASX: SIM ) are pleased to announce that the
Company has arranged a private placement to raise gross proceeds of up to $5.1
million through the issue of 6 million ordinary fully paid shares in the capital of the
Company at an issue price of A$0.85.
Leading uranium exploration and development company, Mega Uranium Ltd
(“Mega”) has agreed to subscribe for 2.25m shares representing approximately 5% of
the post placement issued capital of Scimitar. Mega is a Canadian publicly listed
resources company focusing on uranium exploration and development. Mega already
has a strong presence in Australia following takeovers of Hindmarsh Resources
Limited and Redport Limited as well as an investment in Northern Uranium Limited.
Mega controls a number of advanced uranium projects in Australia featuring
established resources including Ben Lomond, and Lake Maitland.
Hartleys Limited facilitated the placement to institutional and other sophisticated
investors including Mega. Clients of Perth firm Barclay Wells Limited will also
participate in the private placement. The new shares will be issued pursuant to the
“excluded offer” provisions (Section 708) of the Corporations Act. Settlement is
expected to be on or about the 10 July 2007, and subject to the shareholder approval
which is being sought at a General Meeting of Members to be held on that date.
Commenting on the placement Managing Director Terry Topping stated: “We are
delighted to welcome Mega to the share register. Mega’s strong financial resources
and technical expertise will provide a complementary support to our exploration
activities.”
The Company will utilise the funds raised in the placement for the continued
exploration of its portfolio of uranium assets with initial emphasis on the Yanrey
Uranium Project in Western Australia and the Lake Frome Project in South Australia.
Yours faithfully
Terry Topping
Managing Director
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