Business
Acquisition
Acquisition.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n RNS Number : 9422U GCM Resources PLC 21 May 2008 \n \n21 May 2008\nPRESS RELEASE \n\nGCM Resources plc\n\nGCM RESOURCES PLC ACQUIRES 13% IN AURA ENERGY LIMITED\n\n\n\nGCM Resources plc ('GCM or the Company') (AIM: GCM), is pleased to announce that it has subscribed for 5,586,975 shares, representing 13% of the enlarged share capital of Aura Energy Limited ('Aura') (ASX: AEE), at A$0.29 a share. The total cost is A$1.62 million (£790 thousand).\n\nAura is a uranium exploration company based in Perth, Western Australia which was listed on the Australian Stock Exchange in May 2006. Aura has a portfolio of exploration titles which are being actively explored for calcrete-, shale- and sandstone-hosted uranium deposits. \n\nThe proceeds of the subscription will be utilised in the drilling and analysis work programme for Aura's Swedish properties plus the calcrete uranium projects in Western Australia. The other areas' work programmes are fully funded from internal funds or JV partners.\n\nThe Aura / GCM Africa Alliance has already been actively pursuing opportunities in Mauritania and Niger. The Alliance now holds 3 granted licences for uranium exploration and has a further 11 applications for licences in Mauritania, plus 3 applications for licences pending in Niger.\n\nGCM's involvement adds mining and technical expertise to the Aura exploration expertise to take the prospects forward to feasibility study and ultimately development. The West Africa Alliance has proven Aura is capable of securing exploration tenements and working within agreed budgets. \n\n\nSteve Bywater, GCM's Chief Executive commented: \n\n'GCM is pleased to announce this investment in Aura. These funds will help Aura to develop its mineralized properties in Sweden through further drilling plus continue its exploration programme with the calcrete uranium projects in Western Australia. This is an exciting opportunity for GCM as it looks to expand its portfolio of investments on a global basis...