12 November 2012The Company Announcements OfficeAustralian...

12 November 2012
The Company Announcements Office
Australian Securities Exchange Limited
via electronic lodgement
NON-RENOUNCEBALE RIGHTS ISSUE TO RAISE $2.1 MILLION
Highlights
? $2.1 million to be raised via a partially underwritten non-renounceable rights issue of shares.
? One new share to be offered for every two existing shares, at an issue price of $0.005 per share.
? Directors and Officers to take up their full entitlement and to partially underwrite the Rights Issue for a minimum of $400,000.
? Eligible shareholders to be entitled to apply for any Shortfall Shares.
Black Range Minerals Limited (ASX:BLR; “the Company”) is pleased to announce a partially underwritten non-renounceable rights issue to raise up to $2.1 million, on the basis of one new share for every two shares held, at an issue price of $0.005 per share (the “Rights Issue”).
The Directors and Officers of the Company intend applying for their full entitlements under the Rights Issue. Furthermore they have agreed to partially underwrite the Rights Issue for a minimum of $400,000 (for no fee).
The Rights Issue will provide the Company with additional funds to continue to advance its 100% controlled Hansen/Taylor Ranch Uranium Project in the USA (“Project”) towards production. The Project hosts one of the largest uranium resources within the USA, the world’s largest consumer of uranium. JORC Code compliant indicated and inferred resources currently comprise 69.0 Mt at a grade of 600ppm (0.06%) U3O8 for 90.9 million pounds of U3O8.
Eligible shareholders will be entitled to apply for any shares not taken up in the Rights Issue (“Shortfall Shares”), with Directors reserving the right to place any Shortfall Shares.
Full details of the Rights Issue, including an indicative timetable, will be provided in a prospectus that will be distributed to shareholders in the coming days.
Michael Haynes
Managing Director