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Nufcor cancels share offer on market conditions

Mon Oct 6, 2008 3:41am EDT

Oct 6 (Reuters) - London-listed Nufcor Uranium Ltd NU.L on Monday said it would not proceed with its previously announced share offer due to adverse market conditions, sending shares down over 9 percent in early trade.

The uranium fund said it is proceeding with its plan for a second listing on the Toronto Stock Exchange, however.

The company, which had said in July it may need to sell assets to fund a future $38.9 million purchase if the offer did not go through, said Tuesday it had agreed to sell about 540,000 pounds of uranium and was seeking to sell a further 100,000 pounds.

The company said it would receive a total of $29.3 million for the agreed sale.

At 0738 GMT, shares of Nufcor were 10.5 pence down at 100 pence. (Reporting by Ramkumar in Bangalore; Editing by Rosalba O'Brien)



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