Interesting for many is this attempted float by Eclipse Uranium to raise $7 million. Many already floated Uranium minnows strapped for cash are waiting to see if EUL manage this difficult task.
Proposed quotation was on 5/7/2010 ( now the ASX say, ‘to be advised’) and now the closing date of the offer has gone out to 1/9/2010. Probably indicates that cash is arriving more slowly than expected / hoped.
Plenty of good looking tenements but so have so many others.
The basics are to get a JV partner, or if you’ve little cash they give you some to see all the tenement previous drilling results. Though few are that interested these days.
Many minnows in this sector find that tenements not surveyed recently and someone drilled some time back with fairly poor results, are generally not worth much.
I prefer to buy these companies with enough cash for the next two years and price at asset value, not including tenements. Upside is an improving Uranium price in recent weeks and bullish forecasts into 2011.
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