Sydney, Mar 22, 2006 (ABN Newswire) - Shareholders with priority to Australia's newest uranium float, Toro Energy Limited (ASX: TOE), will dominate the Company's share register after the completion by Directors of the allocation of shares for the heavily backed capital raising and planned ASX listing.
Toro will join the Australian Stock Exchange lists on Friday this week with 5,607 shareholders.
The Company's listing follows the early closure of Toro's $18 million Initial Public Offer which attracted applications for $63.6 million worth of shares - over 3 times that of the Prospectus offering - as at the close of the offer on Monday, 6 March at 12.00 noon, ACDT. Oversubscriptions were not permitted to be accepted under the terms of the Toro Energy prospectus.
Directors said today that virtually all of the available shares had been allocated to those priority shareholders of the listed Minotaur Exploration Limited (ASX: MEP) and Oxiana Limited (ASX: OXR) who lodged their applications before the close of the Offer.
Minotaur and Oxiana's uranium assets in SA were vended into the new explorer.
Toro Chairman, Dr Ian Gould, said today that Directors were overwhelmed by the strength of support for the issue and had little choice but to take the responsible decision to close the Offer early.
"While there will be obvious disappointment among some applicants who were eligible priority shareholders and were scaled back, or who were not able to get their application in before the Offer closed, the prospectus clearly defines that while these shareholders have a priority, it does not automatically guarantee or entitle them to an allocation," Dr Gould said.
"The large number of Oxiana and Minotaur priority applicants, and the diverse size and structure of applications received, impacted on the allocation policy.
"This necessitated an across-the-board heavy scale-back in allocations but all applicants eligible for shares at the early close of the Offer, received at least the minimum allocation."
Toro's largest single shareholders at listing will be Minotaur and Oxiana, each with 24.74%, along with Newmont Capital (1.6 million shares, 1.1%); and BHP Billiton (ASX: BHP)(1.5 million shares, 1.03%).
Toro will have 145.5 million ordinary shares on issue at listing. The Company will list on ASX at 11.00am this Friday, 24 March 2006.
About TORO ENERGY LIMITED
Toro Energy Limited (Toro Energy) is an Australian-based mining company. Toro Energy was formed through the amalgamation of the uranium interests of Oxiana Limited (Oxiana) and Minotaur Exploration Limited (Minotaur Exploration) in South Australia. Toro Energy focuses to acquire uranium exploration and development rights over 42 properties covering a total area of 26,069 square kilometers in recognized uranium provinces of South Australia. These properties offer potential for commercial discoveries of sedimentary uranium deposits in three geological settings: in Tertiary and Permian age palaeochannel sediments; in unconformity-related deposits associated with red-beds overlying Proterozoic basement, and in vein-hosted and intrusive-related deposits within Proterozoic basement.
About BHP BILLITON LIMITED
Minerals exploration, production and processing (particularly coal, iron ore, copper and manganese ore) and hydrocarbon exploration, production and refining.
About MINOTAUR EXPLORATION LTD
Minotaur Exploration Limited is an Australia-based mineral exploration company. During the fiscal year ended June 30, 2005 (fiscal 2005), the Company continued to seek extensions of areas held and to also sought out new areas with potential areas of mineralization, and evaluated results achieved through surface sampling, drilling and geophysical surveys carried out during fiscal 2005. Its subsidiaries include Minotaur Operations Pty Ltd., Minotaur Ventures Pty. Ltd. and Minotaur Resources Investments Pty. Ltd.
About OZ Minerals Limited
OZ Minerals Limited, formerly Oxiana Limited, is an Australia-based mining company. The Company is a producer of zinc, copper, lead, gold and silver. OZ Minerals was formed through a merger of Australia-based international mining companies Oxiana Limited and Zinifex Limited. The Company has five mining operations located in Australia and Asia, three new mining projects in development and a portfolio of advanced and early-stage exploration projects throughout Australia, Asia and North America. Its projects include the Century mine in Queensland, Sepon copper operation in Laos, the gold operation at Sepon, the Golden Grove underground base and precious metals mine in Western Australia, the Rosebery mine in Tasmania, the Avebury nickel mine in Tasmania, the Prominent Hill copper-gold project in South Australia, the Martabe gold project in Indonesia, the Dugald River deposit in Queensland, and the Izok Lake and High Lake copper and zinc deposits in the Nunavut territories of Canada.
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