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Northern Uranium responds to ASX query after 46% share spike

Published: 04:31 06 Sep 2010 EDT

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Northern Uranium (ASX:NTU) has responded to an ASX price and volume query relating to a change in the price of the companies securities from a close of 23.5 cents on 3 September, 2010, to an intraday high of 38 cents today, representing a 46% rise.

The company said it is not aware of any information concerning it that has not been announced and that could be an explanation for the recent trading in securities of the company.

Northern Uranium also said it is not aware of any reason for the recent price volatility and volume of the trading in its securities.

On 3 September Northern Uranium announced a renounceable rights issue offering two new shares for every five shares held at a price of 16 cents per share to raise approximately $6.6 million before costs to drive its ongoing uranium and rare earth exploration effort.

The funds raised will be used to fund exploration of the company’s 100%-owned Gardiner-Tanami Project, Gardner Range JV and to provide additional working capital. Drilling is scheduled to commence in early October 2010.

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