Our corporate team  has advised on the flotation of uranium development company, Aura Energy Limited, on AIM, a market of the London Stock Exchange.

The Mills & Reeve team led by principal associate Shubhu Patil advised nominated adviser and broker WH Ireland Limited on the admission of Aura Energy to trading on AIM by way of the AIM Designated Market Route.

Aura Energy, which is also listed on the Australian Securities Exchange (ASX), is a uranium development company with gold, soda ash and lithium exploration projects. Its projects are in Africa and Europe. The Company raised £2.24m before expenses by way of a placing as part of the AIM listing giving it a market capitalisation of £7.45 m on admission.

In addition, the company has executed subscription letters with a number of Australian investors to raise a further £466,990. It is anticipated that the subscriptions will complete on or around 16 September 2016.

The funds raised will be utilised towards completing Aura’s Tiris uranium project feasibility study in Mauritania, and associated corporate costs. The company also owns 100 per cent of the Häggån uranium project in Sweden and has exploration tenements in gold, lithium and soda ash in Mauritania.

The float is the first equity capital markets transaction the Leeds corporate team has advised on since Shubhu Patil joined the team from Walker Morris in June.

Shubhu said: “We are delighted to advise on the admission to trading of Aura Energy to AIM. The deal reflects our strategy of further enhancing our reputation for capital markets work for both UK and international companies.”

Peter Reeve, executive chairman of Aura Energy, said: “This is an outstanding outcome for Aura Energy and we have always believed that, given our European and African focus, dual listing on AIM was both an attractive option for Aura and a natural marketplace for us. This is a transformational period for Aura, and as only the second quoted uranium company on AIM, we believe the Company will generate significant traction for our shareholders as we progress our strategy of phased development and low capital cost projects to allow early cashflow generation particularly from the Tiris uranium project,”