Tanzania-focused Uranium Resources says it has received binding commitments for £2 million at 2.5p to fund exploration.

Floated two years ago by Aussie entrepreneur David Steinepreis and backed by the ubiquitous Bruce Rowan, Uranium Resources says it has received binding commitments from investors to subscribe to the full placing of 80 million shares. The shares, which were originally floated at 1p, quickly hit 9.75p in the early 2005 uranium frenzy before retreating to 1.37p last October.

Placing subscribers have come in at a discount of more than 50 per cent to today’s 5.13p. The shares are a speculation on discoveries in Tanzania.