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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (38108)	6/4/2009 11:56:14 AM
From: LoneClone	Read Replies (1) \| Respond to of 192834

Uranium exploration driver Eggers re-enters the public company stage One of the most outspoken drivers of uranium exploration in Australia for the past 15 years, Alan Eggers, will re-enter the public company stage through the merger of private company Manhattan Resources Ltd with ASX quoted Uranio. Author: Ross Louthean Posted: Wednesday , 03 Jun 2009 PERTH - mineweb.co.za The successful Perth uranium explorer Uranio Ltd (ASX: UNO). will no longer have short term concerns about cash in the bank if its shareholders support a merger with Manhattan Resources, the company that backed its listing last year. Uranio currently has $A1.29 million ($US1.05 M) in its coffers and the proposed marriage with Manhattan would see the merged company with about $A9.2 M ($US7.52 M) in cash and listed investments. Eggers had developed Manhattan with the support of some major shareholders in Summit Resources Ltd which moved from being a junior explorer doing it tough to the holder of major uranium projects in Queensland and with a market capitalisation of $A1.2 billion ($US981.4 M) when taken over by Paladin Energy Ltd in May 2007. Eggers became known in the media and with resource analysts as a vocal lobbyist for Australia loosening its restrictions on uranium mining. He was a founding director, senior executive and key shareholder in Summit, and is also a founding director of the recently formed Australian Uranium Association. Uranio shareholders will be asked to approve the marriage at a meeting in mid July that will consider granting 44.2 M new shares to Manhattan's 19 shareholders Uranio said today it was proposed Alan Eggers would become executive chairman of the merged company which would bear the name Manhattan Resources. Uranio's current chairman will remain as a non-executive director and Robert Wrixon will continue as managing director. Eggers told Mineweb that Uranio's exciting new Double 8 uranium discovery at Ponton in Western Australia's north eastern goldfields will be a priority project. This project has a 10.9 million lbs JORC Code resource, with an assessed potential for a further uranium potential of between 6.6-15.4 M lbs. (the maiden inferred resource at Double 8 was 16 Mt at 310 ppm U308). A number of Manhattan's 19 shareholders are significant shareholders in Uranio. Eggers and his associates hold 42.86% of Manhattan and 19.76% of Uranio. On completion of the merger the top 20 shareholders would hold more than 76%. Eggers and managed investment fund Minvest Securities (New Zealand) Ltd will have a combined stake of 31.2%.