Yet another new uranium player

AUSTRALIAN company Oklo Uranium has acquired a 70 per cent interest in the Hoasib uranium project near Langer Heinrich.

Proactiveinvestors.com yesterday reported that Oklo about N$135 million, or 20 million Australian dollar, for the stake.Under the terms of the agreement, Oklo has agreed to buy the shares from Green Mineral Resources (Pty) Limited, a company incorporated in Namibia and owner of exploration licenses EPL 3664 A and B. The vendor of the shares in Green Mineral Resources is Africa Uranium Limited, an unlisted public company in which Australian Securities Exchange (ASX)-listed company Cape Lambert Resources has an interest.According to Proactiveinvestors.com, the transaction consists of approximately 309 million Oklo shares, valued at about N$114,5 million, as well as some N$20 million in cash.’It is the intention of Africa Uranium Limited – post completion of the transaction – to distribute Oklo consideration shares to its shareholders, thereby making Cape Lambert Resources a major shareholder of Oklo,’ the website reported. As part of the transaction, Oklo will undertake a capital raising effort for the outstanding cash portion of the transaction, as well as sufficient funds to finance an extensive exploration and drilling programme.Oklo Uranium Limited is a Perth-based junior exploration company which listed on the ASX in May 2007. – Nampa