Perth, 14 December 2010: Clayton Utz has advised ASX, TSX and NSX listed uranium exploration and development company Extract Resources Ltd on a placement to its major shareholder, Kalahari Uranium Limited, to raise A$60.9 million.
Perth Corporate partner Mark Paganin led the transaction, with support from senior associate Nick Herbert.
The transaction is conditional upon Extract Resources Ltd and Kalahari Uranium Limited entering into a formal subscription agreement and, if ASX requires, Extract shareholder approval.
The placement is scheduled for completion on 7 January 2011 or later if shareholder approval is required.
Proceeds raised will be used to progress the company's Husab Uranium Project in Namibia.