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toro heavily backed http://www.miningnews.net

Toro heavily backed

Michael Quinn
Monday, March 06, 2006

THE latest bout of uranium fever has been encapsulated in Toro Energy's $A18 million initial public offering being swamped by a stunning $52.5 million worth of applications.



The IPO, which was initiated by Oxiana and Minotaur Exploration and jointly underwritten by stockbrokers Lands Kirwan Tong and Taylor Collison, sees experienced uranium mining engineer Greg Hall – formerly with uranium miners ERA and WMC – as managing director and former Rio Tinto Australia and Normandy Mining chief Dr Ian Gould as chairman.

Rounding out the board will be the principals of Oxiana and Minotaur, namely Owen Hegarty and Derek Carter, respectively.

Toro's ground will comprise 26,000 square kilometres in South Australia's Gawler and Curnamona Cratons, with the state containing two of Australia's total of three uranium mines.

The company also said it will "seek to be an active participant in the consolidation of the Australian uranium sector".

Oxiana and Minotaur will each retain a 25% stake in Toro following the IPO, issuing 72 million shares priced at 25c per share.

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