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This time the coffers of takeover target Marathon Resources are set to be bolstered by a $A7.15 million placement to the pair with the funds earmarked for completion of a scoping study at the company's flagship Mt Gee project in South Australia.
Interestingly, the two players involved in the placement, Talbot Group Holdings and CITIC Group, were involved in a smaller placement late last month with fellow South Australian-based uranium explorer Southern Gold.
The Southern Gold placement to the pair raised $2.25 million at an issue price of 25c per share while the Marathon placement will be undertaken at $1.10 per share and will give them an 11.7% stake in Marathon.
Marathon was also quick to point to the placement price representing a 61.7% premium to the offer price of 68c per share made by Hong Kong-based raider Crosby Capital Partners in July.
The relationship between the three companies will also be expanded to the boardroom with the managing director of CITIC's Australian operations Chen Zeng and Macarthur Coal "associate" Denis Wood both being added to the Marathon board at the expense of Sam Appleyard and William Latimer.
Marathon said the restructure would provide the additional skills required to enhance the development potential of its Mt Gee deposit which hosts an inferred resource of 57 million tonnes at 0.06% uranium oxide for 33,000t of contained uranium oxide.
The relationship between CITIC Group and Macarthur Coal also extends to the share register with CITIC holding an 11.6% stake in the Talbot-led Macarthur.
The Chinese have shown a penchant for South Australian uranium investment of late with the southern state home to one of the more friendly uranium exploration and mining regimes in Australia.
In September, PepinNini Minerals formed a strategic alliance with major Chinese steel manufacturer Sinosteel to develop the company's Crocker Well and Mt Victoria deposits in the Curnamona province.
