Uranium hopeful, Uranio listed on the Australian stock exchange today after the initial public offer closed heavily oversubscribed.
However, demand for the stock didn't flow through to the public listing, with the Perth-based uranium explorer debuting 8% lower following a $4.59 million dollar float.
Its shares began trading at 17 cents on Tuesday before sliding further to close at a low of 15.5 cents.
The company raised more than the targeted $4 million from the IPO at a price of 20 cents per share.
Its main focus is on the 4 project areas in which it holds a 70% interest after an agreement with Deep Yellow Limited. These comprise the Siccus Joint Venture in South Australia and the Ponton North, Gardner Range and Anketell projects in Western Australia.
The company will sole fund all exploration on the projects up until a decision to mine is made.
"These projects host significant uranium deposits based upon both the geographic proximity to established delineated uranium deposits and the similarity in geological settings to those nearby deposits," Chairman Marcello Cardaci said in the prospectus.
The top 20 shareholders hold 66.5% interest in the company.
