Top End closes IPO oversubscribed

The uranium asset spin-out of East Perth-based diamonds explorer North Australian Diamonds Ltd, Top End Uranium Ltd, has closed its initial public offer oversubscribed, the parent company has announced.

Issuing 45 million shares at 20 cents each to raise the money, the company will control, through farm-in arrangements with North Australian, a Northern Territory uranium portfolio covering approximately 30,000 sqkm over the Arnhem Land Project Area and the McArthur South Project Area.

North Australian will retain a 25 per cent equity interest in Top End, with 68 per cent of equity on offer in the IPO.

Of that stake, 75 per cent (or 51 per cent of total equity) was offered to North Australian shareholders in a priority offer. The offer was not underwritten.

The company is chaired by Sub Sahara Resources NL chairman David Riekie, who is joined on the board by Ian Richer, John Hopkins and Glenister Lamont. Mark Bianchini will serve as company secretary.

Ascot Securities Pty Ltd served as broker and corporate advisor to the issue, while Deacons provided legal advice and BDO Kendalls served as auditor and investigating accountant.

The company aims to commence share trade by December 3.

The full text of a North Australian announcement is pasted below

North Australian Diamonds Ltd (ASX: NAD) is pleased to advise that the initial public offering of Top End Uranium Ltd has been oversubscribed, raising the maximum of $9 million under its prospectus dated 26 September 2007. In accordance with the capital raising, North Australian Diamonds Ltd will retain 25% of issued capital in Top End Uranium Ltd.

The directors of Top End Uranium Ltd will now proceed with the allotment of shares and anticipate listing and trading of shares to commence on or about 3 December 2007 subject to meeting final ASX requirements.