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Bannerman Resources Limited
Registration No. ABN 34 113 017 128
Registered as an external company in Namibia
ISIN Code: AU000000BMN9
NSX Share Code: BMN
BANNERMAN RAISES A$5.8 MILLION THROUGH OVERSUBSCRIBED SPP & FOLLOW-ON PLACEMENT
Perth, Australia - Bannerman Resources Limited (ASX: BMN, TSX: BAN, NSX: BMN)
("Bannerman" or the "Company") is pleased to advise that its Share Purchase Plan
("SPP") has closed over-subscribed, raising the maximum proceeds of A$4 million
through the issue of approximately 17.8 million new Bannerman shares at an issue
price of A$0.225 (or the Canadian dollar equivalent of C$0.233) per share.
In addition, Bannerman has followed up on strong institutional demand and agreed
to place a further 8 million new Bannerman shares at the SPP offer price to a
number of existing institutional shareholders in Australia, Asia and the UK, to
raise gross proceeds of A$1.8 million. The placement was managed by GMP
Securities Australia and is being undertaken pursuant to the Company`s placement
capacity under the Listing Rules of the Australian Securities Exchange.
These transactions, along with the A$8.2 million share placement completed in
December last year and the recently announced extension of the Company`s
existing A$8 million convertible note (subject to shareholder approval to be
sought at a meeting in March 2012), conclude Bannerman`s current financing
activities and bring the new equity raised by Bannerman in the last two months
to total gross proceeds of A$14 million.
Bannerman is expecting to allot the SPP and placement shares on or around 6 and
8 February 2012 respectively. As a result of the oversubscription of the SPP,
applicants will be issued shares on a scaledback basis as set out in the SPP
offer documentation. Applicants who subscribed for parcels of A$5,000 (C$5,177)
or above will be scaled back approximately 10% and all other applicants will
receive the minimum parcel of A$2,500 (C$2,588). Holding statements and refunds
will be mailed to participating shareholders upon allotment.
Proceeds from the recent financing transactions will be used to fund completion
of the Definitive Feasibility Study on Bannerman`s 80%-owned flagship Etango
Uranium Project in Namibia by the end of March 2012, confirmatory pilot plant
testwork, regional exploration and drilling, and general working capital. In
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