Monaro raises a million May 28, 2009

Monaro Mining NL (“Monaro” or “the Company”) has completed a share placement (“Placement”) raising approximately $1 million after costs. The Placement to a select group of institutional and sophisticated investors pursuant to Section 708 of the Corporations Act was completed at an issue price of 8.5 cents per share and was arranged by Azure Capital Pty Ltd.

Monaro Chairman Jim Malone said that the Placement received strong interest from potential participants with firm commitments having now been received for the entire amount.

“We are pleased with the strong response to the capital raising arranged by Azure Capital as reflected by an over subscription to the Placement, and believe the interest in the raising reflects positively on the quality of our assets and the direction of the Company”.

Monaro is focusing on the exploration and development of advanced uranium assets in the United States of America (USA) with the objective of becoming a producer in the medium term. Funds raised from the Placement will be principally used to further advance the Apex-Lowboy and the Rio Puerco projects. The funds will also allow for the retention of a number of other USA claims and to further advance its exploration programs in the USA and Australia.

The settlement of application funds and issue of shares is anticipated to take place on or about 1 June 2009, and a total of 12,439,726 new ordinary shares were issued under this Placement, bringing issued capital to 103,371,230 shares on issue.

The Placement will be completed within the Company’s 15% share issue capacity pursuant to ASX Listing Rule 7.1.

Click here to view the full announcement.

For further information, please contact:

Jim Malone, Chairman, on +61 419537714
Media Enquiries: Fortbridge – Bill Kemmery on +61 2 9331 0655, email bill.kemmery@fortbridge.com