Perth, Mar 6, 2006 AEST (ABN Newswire) - Minotaur Exploration Limited (ASX: MEP)("Minotaur Exploration") and Oxiana Limited (ASX: OXR)("Oxiana") have been advised by Toro Energy Limited ("Toro Energy" and the "Company") that the $18 million Toro Energy share offer is more than 191% oversubscribed and as such has been closed as at 12.00 noon ACDT today.
As of the close of business on Friday, 3 March 2006 $52.5 million in applications had been received. Accordingly, the offer, which was scheduled to close on 10 March 2006, is being closed early due to the overwhelming interest shown by eligible shareholders of Minotaur Exploration and Oxiana, and new investors.
As outlined in the prospectus, the Company retains absolute discretion in allocating shares under the offer. Given that interest has far exceeded the size of the offer, applicants should note that their applications are likely to be subject to scale back or may be declined. If the number of shares allotted to an applicant is less than the number applied for, surplus application money will be refunded in accordance with the prospectus. Applicants to the priority offer will be treated preferentially to applicants to the public offer.
The allocation of Toro Energy shares, as stated in the prospectus, is subject to approval of a resolution by the shareholders of Minotaur Exploration for the sale of shares in Minotaur Uranium Pty Ltd to Toro Energy (according to ASX listing Rule 11.4); and Minister's consent under the Mining Act to the sale of the rights of access to explore for uranium, and for mining and processing uranium, under both of the tenements access agreements and the new agreements referred to in the prospectus.
Minotaur Exploration and Oxiana are pleased to advise that Minister's consent was obtained on 21 February and a meeting of Minotaur Exploration shareholders to approve the resolution for the sale of shares in Minotaur Uranium Pty Ltd will be held on 14 March, 2006.
Further details on the expected date for despatch of holding statements to successful applicants and the expected date for quotation of shares by ASX will be advised following the Minotaur Exploration shareholders meeting.
About Minotaur Exploration Ltd
Minotaur Exploration Ltd (ASX:MEP) is a public company listed on the Australian Securities Exchange (ASX) under the market code MEP. MEP commenced trading on ASX on 25 February 2005. Minotaur has extensive minerals exploration tenements in South Australia, New South Wales, Victoria, Queensland and Western Australia.
The Company is governed by a Board of Directors according to Australian Corporate law and the Listing Rules of the ASX. Minotaur specialises in application of innovative geophysical techniques to locate virgin mineralisation deep below the surface. Often, economic mineral deposits are contained within basement rocks, buried below several hundred metres of transported cover (overburden) and cannot be located through conventional surface exploration methods such as soil sampling, geochemical assays and drilling. Minotaur's remote sensing and interpretative approach has proven very successful, time and time again.
The directors and management of Minotaur each have over 30 years of exploration, mining and mineral resource experience and are eminently qualified in their respective fields of expertise. Under their direction, Minotaur has earned a strong reputation for technical excellence and a high profile within the Australian resources sector. Minotaur's share register comprises 3500 shareholders.
Minotaur is actively exploring IOCG style targets in Australia, where geophysics have identified numerous sub-surface anomalies prospective for copper-gold mineralisation and other targets prospective for base metals such as zinc, lead, copper.
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