Berkeley Resources (AIM/ASX:BKY) has taken a big step forward in securing the funds needed for construction of its 100%-owned Salamanca project in west-central Spain (FCW #683, Nov. 3).
The firm announced on Nov. 4 it had raised approximately $30million before expenses from a share placement with existing and institutional shareholders. Apart from Paladin Energy and Namibia’s Langer Heinrich mine, no other junior outside the U.S. has successfully raised finance for the development of a new uranium mine in the past decade.
Commenting on the successful completion of the placing, BKY managing director Paul Atherley, said: “We are delighted with the strong institutional support for this financing which allows
us to accelerate the development of the Salamanca mine.” He noted: “The placing has been heavily oversubscribed by London based blue chip generalist institutions who will dominate
the register once settlement completes.”
