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WildHorse shares surge on uranium explorer's trading debut

WildHorse today also said it won two uranium exploration licenses in southern Hungary.

Shares in WildHorse Energy Ltd., an Australian-based uranium explorer backed by Macquarie Bank Ltd., more than doubled on the initial day of trading on the Australian Stock Exchange. The shares, sold to investors for 40 Australian cents a piece, jumped 170% to close on the Australian Stock Exchange at A$1.08, the day's high. Perth-based WildHorse, owned 15% by Macquarie, Australia's biggest investment bank, raised A$10 million ($7.7 million) in the share offer to help develop projects in the US and Hungary. The company has a market value of about A$84 million at the closing price. “The market has shown strong support for WildHorse, which has great potential to rapidly develop uranium operations in the US and Hungary," Managing Director Richard Pearce, a former Rio Tinto Group executive, said in an e-mailed statement. WildHorse today also said it won two uranium exploration licenses in southern Hungary. The company is chaired by Mark Hughes, a former director of Rio Tinto's unit, Energy Resources of Australia Ltd. (Bloomberg)