Oakbay Resources & Energy owns 74% of Shiva Uranium, which was formed with the acquisition of Uranium One Africa.

The company was cited by Bloomberg as saying in a statement: "In anticipation of the expected increase in demand for uranium, the company is in the process of commissioning a definitive feasibility study on its mineral deposits with a view to raising additional capital."

Oakbay will begin trading on the Johannesburg Stock Exchange starting 28 November.

The planned funds will be raised from local and foreign investors within one year from listing.

Shiva Uranium owns Dominion and Rietkuil uranium mines.