May 26, 2009 16:06 ET
Bannerman Announces Proposed Equity Financing
PERTH, AUSTRALIA--(Marketwire - May 26, 2009) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION INTO THE UNITED STATES
Bannerman Resources Limited (TSX:BAN)(ASX:BMN)(NSX:BAN) ("Bannerman"), an Australian-based uranium mine development and exploration company, wishes to announce that it proposes to implement a private placement offering of ordinary shares (the "Placement") pursuant to the approval obtained from its shareholders at the general meeting held on April 16, 2009 to raise up to A$30 million. Bannerman also intends to implement a share purchase plan ("SPP") to enable existing shareholders in qualifying jurisdictions to subscribe for Bannerman shares at the same price as the Placement.
The Placement is being undertaken on a combined non-brokered and brokered basis with Argonaut Securities Pty Ltd and Haywood Securities Inc. The Placement will be priced in the context of the market.
Bannerman plans to use the net proceeds from the Placement to complete the feasibility study of the Etango uranium project in Namibia, and for resource definition and exploration drilling, other exploration costs, working capital and general corporate purposes.
It is expected that trading in Bannerman's shares will be temporarily halted on the Australian Securities Exchange pending finalisation of the terms of the Placement.
The Placement is subject to certain conditions including, but not limited to, appropriate broker and placement documentation, and approval of the Toronto Stock Exchange.
A further announcement regarding the Placement will be made when final details are available. Information regarding the SPP will be announced separately.
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