UXA completes purchase of high-tech mining services company Geoscience Associates

02/Oct/2009

Acquisition provides UXA with a strong cashflow supporting its ongoing exploration activities.

Uranium Exploration Australia Limited (ASX: UXA) is pleased to announce that it has completed the purchase of 100% of the assets and business of Geoscience Associates (Australia) Pty Ltd (GAA), a well established profitable borehole logging business.

The GAA acquisition immediately transforms UXA into a diversified mining services and exploration company, with a stronger balance sheet and enhanced growth potential.

Commenting on the acquisition, Russell Penney, Managing Director of UXA said “The purchase of GAA represents a significant step forward for UXA and its development, with the immediate benefit of providing UXA with a strong cashflow which will help fund its ongoing uranium exploration programs.

“Given that GAA’s unique services are becoming increasingly popular within the domestic uranium, coal seam gas and coal exploration sectors, UXA anticipates high growth in revenues going forward.”

The Company recently completed a program of capital raising through a Placement and very successful Share Purchase Plan (‘SPP’), together raising $8.66 million which provided funding for the completion of the GAA deal and funds for exploration and working capital (see ASX releases on 10th August and 23rd September 2009).

View the full announcement »

Back to list index