Rose Petroleum plc



VANE soars on strategic review news

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LONDON (SHARECAST) - VANE Minerals hit a new all time best Thursday as it said it is undertaking a strategic review of its options in order to maximise shareholder benefit from its uranium portfolio.

The group, which saw its value leap by almost a fifth, said it recognises the rising interest, particularly in the US and Canada, of institutions and other parties in uranium companies.

In addition, it notes that this has led to substantial valuations and major fundraising opportunities for some asset-rich uranium companies in those markets.

Although, the company said there is no certainty as to the outcome of any review, it "considers that it has a duty in the best interests of shareholders to explore what options may be available to extract optimum value from its now sizeable uranium portfolio."

An update on progress will be announced in due course.

VANE also announced a £1m fundraising through the issue of a fixed-rate unsecured convertible loan note to Geiger Counter Limited.

It said the cash will be used to facilitate the fast track exploration and drilling at the group's various North American uranium projects.