epsilon off to a flyer, page-5

wa business article Here's another one guys :)

Epsilon debuts at a 50% premium
13-December-06 by AAP & Colin Jacoby



Uranium exploration and development company Epsilon Energy Ltd has become the latest uranium company to hit the boards of the Australian stock exchange after debuting at a 50 per cent premium to its initial public offer price of 20 cents.

Shares in Epsilon opened at 30 cents before closing at 28 cents.

Epsilon has been spun-out of nickel explorer Heron Resources Ltd and holds a portfolio of seven projects across four Australian states.

The company's flagship is the Balladonia project located in the Eucla basin of Western Australia.

"This listing allows us to develop the uranium projects with confidence and to seek additional large tonnage-low operating cost uranium system elsewhere in Australia," managing director Matthew Gauci said.

Mr Gauci is a founding director of uranium explorer Scimitar Resources Ltd and was formerly with Rio Tinto.

Joining Mr Gauci on the board is former Rio Tinto executive Bruce Larson who is taking on the role of chairman and Heron Resources chief operating officer Mathew Longworth.

Mr Longworth is taking on a no-executive director role.

Epsilon issued 20 million shares to raise $4 million to fund an active exploration strategy initially focussing on drill follow-up of historical uranium work completed by Rio Tinto Exploration at the Balladonia project.

Heron is the company's largest shareholder with a 37.5 per cent stake.

By 1041, the shares were up nine cents at 29 cents.