Impact completes first tranche of share placement

The 11.15 million fully paid ordinary shares placed in Polo Resources by Impact Minerals is meant to raise $1.79 million (P12.53 million). The balance of the share placement to raise $1.2 million (P8.4 million) will be subject to shareholder approval at a general meeting to be held in mid-July. The ASX-listed Impact Minerals last week announced that it had reached an agreement to place 18.6 million new shares in uranium and coal mining and investment company Polo Resources at an issue price of 16.07c a share to raise $3 million. After the two phases of the placement are completed, Polo Resources will hold a 19.9 percent stake in Impact.

The share placement will be completed in two stages. Impact fully owns its Botswana uranium project, which comprises 25,000 km2 of prospecting licence that covers about 350km of the strike extensions of rocks that host uranium deposits.