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Blumont takes 43% stake in uranium miner

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Published Thu, Sep 11, 2014 · 10:00 PM

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BLUMONT Group now holds a 43.08 per cent stake in privately held uranium miner Azarga Resources after converting US$19.1 million worth of convertible notes.

The notes were converted into Azarga stock at 50 US cents per share. Azarga is not listed, so there is no open-market price available for the shares.

The notes were issued as part of a convertible facility provided by Blumont's wholly-owned subsidiary Powerlite Ventures to Azarga, under which Azarga could draw up to US$21 million in cash.

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