There was a 132.9 million share placement to OZ Minerals reported on September 15, 2009.
Toro Energy appointed OZ Minerals nominee Andrew Coles as a non-executive director to the board of the company.
Coles is currently the chief financial officer of OZ Minerals.
Toro Energy is in the preliminary - planning stages of producing uranium from its Wiluna project and expects production to commence in 2012. It has raised $40 million for the project.
Toro has stated in recent news articles that the proceeds from a recent capital raising would be enough to fund all approvals and complete a bankable feasibility study by 2011 for the project in WA.
Wiluna has an inferred resource of 19.8 million pounds.
OZ Minerals has a 49.9 per cent stake in Toro and said it would spend $19.9 million to maintain its shareholding in the company.
Ziggy Switkowski who is now the head of the Australian Nuclear Science and Technology Organisation has stated that more Chinese investment can be expected with regards to the uranium sector.
The Howard government only lifted a Chinese uranium export ban in 2006 and since then, only a small number of deals have been transacted but it seems that change is in the air?
This will no doubt be a great investment for OZL. I am sure it would be worth having a dabble in Toro shares as well as holding onto your OZL shares, that's if you have money to spare?
All the more reason for those posters with smaller parcels of shares to hold on to them IMO.
OZL Price at posting:
$11.30 Sentiment: None Disclosure: Held
