An AIM-listed resource development company has secured a minority interest in a uranium exploration business in Perth.

An AIM-listed resource development company has secured a minority interest in a uranium exploration business in Perth.

GCM Resources plc acquired 13 per cent of Aura Energy’s shares for a total A$1.6 million (£750,000).

The proceeds from the deal, involving a subscription of more than 5.5 million shares at A$0.29 (£0.14) each, will be used to fund the drilling and analysis of Aura’s Swedish properties together with its calcrete uranium projects in western Australia.

Aura MD Dr Bob Beeson echoes that the funds will enable the Aura business to continue its aggressive exploration programmes. “Aura has been particularly active in the past 12 months, with substantial activities on three continents,” he adds.

Steve Bywater, GCM’s chief executive, says “this is an exciting opportunity for GCM as it looks to expand its portfolio of investments on a global basis.”

Aura is listed on the Australian Stock Exchange and has a portfolio of exploration titles for calcrete, shale and sandstone-hosted uranium deposits.