Subscription agreement signed


 

TIDMPRL 
 
RNS Number : 4623U 
Polo Resources Limited 
25 June 2009 
 

25 June 2009 
 
 
 
 
Polo Resources Limited 
("Polo" or "the Company") 
 
 
Polo acquires significant interest in Uranex NL further expanding its uranium 
interests into Tanzania 
 
 
 
 
Polo Resources (PRL), the AIM listed mining company with coal and uranium 
interests in Africa, Australia, Europe and Asia, announces that it has signed a 
subscription agreement with Uranex NL (ASX:UNX) ("Uranex") subject to which it 
will acquire 5,700,000 new ordinary shares representing 5.98% of the enlarged 
share capital of Uranex for an investment of A$2,280,000 as part of a share 
placement by Uranex of 11,818,265 million new Fully Paid Ordinary Shares at an 
issue price of 40cents (A$0.40) per share raising A$4,727,306. 
 
The placement is expected to be completed on or about June 26 2009. 
 
 
The funds raised through the share placement will be used to augment working 
capital and to accelerate the exploration and development of Uranex's advanced 
Manyoni (Bahi) project in Central Tanzania and a second Tanzanian tenement area, 
Mkuju, in southern Tanzania which encompasses areas underlain by highly 
prospective Karoo sediments. Uranex recently commenced a Pre-Feasibility Study 
on the Manyoni Project, following positive Scoping Study results. The current 
Manyoni JORC Inferred Resource is 15 million pounds of U3O8 above 100ppm U3O8. 
 
 
In addition to the its Tanzanian projects Uranex has the Thatcher Soak project 
in Western Australia which has a JORC compliant resource of 11 million pounds of 
contained U3O8 at an average grade of 290ppm U3O8, based on a cut off of 150ppm 
U3O8. 
 
 
Stephen Dattels, Executive Chairman, said: 
 "We are very pleased to announce the further expansion of our Southern African 
uranium interests with this significant investment in Uranex. We are 
particularly excited by the potential of the Manyoni and Mkuju Tanzanian 
projects as a compliment to our holdings in Namibia and Botswana, which we see 
as a considerable value driver for shareholders. 
 
 
Polo has assembled African uranium interests in Namibia, Botswana and now 
Tanzania. Its uranium interests in Southern Africa include Extract and West 
Australian Metals in Namibia;  A-Cap and Impact in Botswana; and now Uranex in 
Tanzania. Polo also has an interest in Berkeley Resources which has uranium 
interests in Spain." 
 
 
 
 
Contacts: 
 
 
+--------------------------------------------------+------------------------+ 
| Polo Resources Limited                           |   + 27 82 404 36 37    | 
| Neil Herbert, Managing Director                  |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| Canaccord Adams Limited                          |  + 44 (0) 20 7050 6500 | 
| Mike Jones / Ryan Gaffney                        |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| Financial Dynamics                               |  + 44 (0) 20 7831 3113 | 
| Ben Brewerton / Ed Westropp                      |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
 
 
About the Company 
Polo is an emerging energy company focused on acquiring and developing advanced 
stage coal and uranium properties. For complete details on Polo Resources 
Limited, management encourages investors and interested parties to view its 
public documents filed on AIM Exchange at www.poloresources.com. 
 
 
CAUTIONARY STATEMENT 
The AIM Market of London Stock Exchange plc does not accept responsibility for 
the adequacy or accuracy of this release. No stock exchange, securities 
commission or other regulatory authority has approved or disapproved the 
information contained herein. All statements, other than statements of 
historical fact, in this news release are forward-looking statements that 
involve various risks and uncertainties, including, without limitation, 
statements regarding potential values, the future plans and objectives of Polo 
Resources Limited. There can be no assurance that such statements will prove to 
be accurate, achievable or recognizable in the near term. Actual results and 
future events could differ materially from those anticipated in such statements. 
These and all subsequent written and oral forward-looking statements are based 
on the estimates and opinions of management on the dates they are made and are 
expressly qualified in their entirety by this notice. Polo Resources Limited 
assumes no obligation to update forward-looking statements should circumstances 
or management's estimates or opinions change. 
 
 
ENDS 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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