Rose Petroleum plc

Dow Jones


VANE Minerals: Raises GBP145,500 Via Private Placing


LONDON (Dow Jones)--VANE Minerals Thursday said it has raised £145,500 net of expenses by way of a private placing of one million new ordinary shares of £0.10 pence each at a price of 15 pence, placed with Geiger Counter Ltd.

The new ordinary shares will represent 0.7% of the enlarged issued share capital of the Company. Application will be made for the New Ordinary Shares to be admitted to AIM and dealings in the new ordinary shares are expected to commence on Feb. 13 2007.

The funds raised will be used to further accelerate the exploration and development programme for the Company's portfolio of uranium properties in the U.S. As previously reported, drilling is currently underway at the Miller breccia pipe target in Northern Arizona. Further drilling is planned for the Big Red, Red Dike and Rabbit pipe targets which are currently permitted. Additional permits are pending on further breccia pipe targets.