Rum Jungle Uranium (RUM) has fallen by 16% today after listing on the stockmarket yesterday at a 2 cent premium but then closing down at the initial offer price of 25 cents.
Wasabi Energy, which has a holding of 44 million shares and 10 unlisted options in the uranium explorer, released a statement today that Rum Jungle's strategy of incubating wholesale and pre-initial public offer (IPO) positions is on track.
Yesterday, Rum Jumble raised $12 million from the sale of 48 million shares under the IPO, which was underwritten by Southern Cross Equities Ltd.
The company is based in Melbourne but has interests in exploration licences in the Northern Territory which cover approximately 4,000 square km.
It is searching for uranium deposits in the top end of the territory and has developed a project at Tennent Creek, also in the territory, which it says has the same characteristics of an Olympic Dam-style deposit.
Upon listing Rum Jungle had a market value of $13.5 million.
Rum Jungle Uranium fell by 4 cents today to close down at 21 cents.
