its capital raising time!

Seems like its capital raising time for all the uranium stocks out there. PDN, then ERA and now BMN.

I called out the possibility of an EOY capital raising several months ago on the basis of the grind down of our cash position, and now here we have it.

Definitely NOT a good time to need to be raising capital, and also speaks to the likelyhood of the hanlong bid being tied up soon.

The directors are obviously raising this money so they can strengthen their negotiating position with hanlog and keep going in the event that the deal does not go through.

This exceprt is taken from the AGM Agenda:


Equity Capital Raising
To consider and, if thought fit, pass the following resolution as an
ordinary resolution:
“That for the purposes of ASX Listing Rule 7.1 and for all other
purposes, the Shareholders approve the allotment and issue of such
number of Shares as the Directors shall determine to raise an amount
of up to A$15 million, at a price which is at least 80% of the volume
weighted average market price for Shares (which average is calculated
over the last 5 days on which sales in the Shares were recorded before
the day on which the issue was in relation to the issue were made or, if
there is a prospectus, Product Disclosure Statement or offer information
statement relating to the issue, over the last 5 days on which sales in
the Shares were recorded before the date of the prospectus, Product
Disclosure Statement or offer information statement is signed).”