News: Bannerman Resources directors increase shareholdings

Bannerman Resources (ASX:BMN) directors have increased their respective investments in the company through participation in its recent Share Purchase Plan priced at $0.052 per share.

Proceeds from its $2 million capital raising, which included the SPP, will be used to operate the Heap Leach Demonstration Plant at its 80% owned Etango Uranium Project in Namibia.

Indirect interests of non-executive chairman Ronnie Beevor subscribed for 288,461 shares totalling $15,000. This took his total shareholding held directly and indirectly to 1,118,720 shares.

Managing director Len Jubber increased his indirect interest to 2,380,087 shares after acquiring 288,461 shares for $15,000.

Non-executive directors David Tucker and Clive Jones each increased their indirect interests by 288,461 shares.

Tucker now has an indirect stake in 1,504,960 BMN shares while Jones has 15,495,401 shares.

Earlier this week, the company placed $250,000 with an existing institutional shareholder, adding to the $860,000 it placed with Resource Capital Fund VI L.P.

This increased the total raised by Bannerman to $2 million and is a sign of the investment upside seen in Bannerman.

Operation of the Heap Leach Demonstration Plant will demonstrate the design and projected performance reflected in the Definitive Feasibility Study while maintaining and building project knowledge.

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