Polo Reduces Stake in Berkeley

20 August 2009 (Last Updated August 20th, 2009 18:30)

AIM-listed Polo Resources has sold 6.66% of its stake in uranium explorer Berkeley Resources for A$8.5m. The transaction, which includes sale of 8.2 million ordinary Berkeley shares, leaves Polo with a remaining stake of about 10.4 million shares and options over a further 5.7 millio

AIM-listed Polo Resources has sold 6.66% of its stake in uranium explorer Berkeley Resources for A$8.5m.

The transaction, which includes sale of 8.2 million ordinary Berkeley shares, leaves Polo with a remaining stake of about 10.4 million shares and options over a further 5.7 million shares.

Proceeds from the sale will be used to meet the company's liquidity requirements and provide resources to focus on other value adding uranium opportunities, the company said.

Polo said it has no plans to sell its remaining stake.