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UraniumSA to demerge Samphire uranium project

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UraniumSA to demerge Samphire uranium project

UraniumSALtd. said April 6 that it plans to restructure the company anddemerge its Samphire uranium project in South Australia as a stand-aloneunlisted public company.

The company will demerge a restructured Samphire UraniumPty. Ltd. to Samphire Uranium Ltd.

UraniumSA will continue its other exploration initiativesand pursue other value adding activities at its base metals andgold-prospective EL4694 Muckanippie, and the three additional explorationlicense applications prospective for base metals, uranium and other minerals.

The restructuring will include the completion of two capitalraisings to provide working capital to fund ongoing entities, managementstructures and operational flexibility.

UraniumSA will raise about A$400,000 via a non-underwrittenshare purchase plan by issuing shares to eligible shareholders at 1.7 centsapiece.

Taylor Collison will act as a broker to the share purchaseplan.

Following the demerger, the company will look to raise anadditional A$1.0 million in new equity.

Company shares were up 15% at ASX trading close followingthe announcement.