Golden State subsidiary launches uranium IPO

Subiaco-based Golden State Resources Ltd's partly-owned subsidiary White Canyon Uranium Ltd is looking to raise up to $19.5 million though an intitial public offer to fund the exploration and development of its United States uranium projects.

White Canyon has a 100 per cent interest in a substantial landholding in the established uranium-productive Colorado Plateau province in South-Eastern Utah.

The company has issued 78 million shares at a price of 25 cents and Golden State shareholders have a priority entitlement in the issue, on the basis of one White Canyon Uranium share for every four Golden State Resources shares registered as at 5pm on December 12, 2007.

The closing date of the priority offer is December 28, while the public will have until January 24 to take up the offer.

It is anticipated that White Canyon will list on the Australian Securities Exchange on February 7, 2008.