If you read The Australian Lachie boy, you may have seen
these words written by Robin Bromby in his "Pure
Speculation" column, referring to companies with cash in
hand, and prospects:
At September 30, Uranio (UNO) had $3.55 million in the
bank. Now it's getting a $3.17 million cash injection and
yet, on Friday, its market capitalisation was just $3.7
million. It listed in January and the shares last saw 20c
on the opening day.
Last month it bought the Ponton uranium project, located
next to the large Mulga Rock uranium deposit, from Paladin
Energy (PDN). Then last week it acquired a Madagascar
thermal coal project from Coal of Africa (CZA), along with
the Madagascar subsidiary's $2.18 million bank balance.
CZA will now hold 38.7 per cent of Uranio.
On top of that, Alan Eggers -- the man who built
Queensland uranium player Summit Resources (SMM) is
injecting nearly $1 million into Uranio to take his stake
to 19.9 per cent.
Uranio is run by Robert Wrixon, ex-Xstrata Coal, who says
energy is the big growth sector and sees beyond the
present reverses in uranium and thermal coal prices. With
money in the bank, he is already out shopping for other
uranium projects.
UNO
uranio limited
