Uranium float planned

Uranium Australia is planning an initial public offer (IPO) of shares to raise between A$20 million ($22.6 million) and A$30 million and will use the proceeds for exploration.

The company, which is a subsidiary of listed metals and minerals explorer Korab Resources, has a tenement covering just under 20,000sq km in Western Australia and the Northern Territory.

Under the IPO, the majority of shares in Uranium Australia will be offered to domestic and foreign institutions, although Korab shareholders will be given a priority allocation.