Uranium Resources Plc Share News (URA)

LONDON (Dow Jones)--Uranium Resources PLC (URA.LN), the AIM listed uranium exploration and development company, said Friday it has raised GBP800,000 through a subscription of 40 million new ordinary shares at 2 pence per ordinary share, a premium of 6.7% to the closing mid-market price on July 22. MAIN FACTS: -Placing has been subscribed to by two of the Company's directors, Ross Warner and Hugh Warner, and Uranium Resources' major shareholder and strategic investor Estes Ltd. -The funds will be utilized for the exploration of the Company's uranium Mtonya Prospect, located in the Selous Basin in southern Tanzania where it is currently undertaking a two phase drilling program and for general working capital. -Under the placing, Estes' shareholding in the Company will exceed 30% and it would therefore be required to make a mandatory offer to all of the other shareholders in the Company to acquire their ordinary shares. -However, the City Code doesn't apply to the Company because the Company's place of central management and control isn't located within the U.K., the Channel Islands or the Isle of Man. -Shares closed Thursday at 1.88 pence valuing the company at GBP7.62 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com (END) Dow Jones Newswires July 23, 2010 02:48 ET (06:48 GMT)