Bannerman Extends Convertible Note & Lodges Annual Financials
PERTH, AUSTRALIA -- (Marketwire) -- 09/15/11 -- Bannerman Resources Limited (TSX: BAN)(ASX: BMN)(NSX: BMN) ('Bannerman' or the 'Company') advises that it has today reached agreement with its major institutional shareholder, Resource Capital Funds, to extend the maturity date of its existing A$10 million convertible note from mid-December 2011 to 31 March 2012, or such later date as may be agreed (but not beyond 30 September 2012).
Subject to execution of formal documentation by 30 September 2011, the convertible note will be extended on its current terms (including the conversion price of A$0.612 per share), with Bannerman agreeing to pay the 8% coupon interest for the extension period and an extension fee of A$150,000 via the issue of new Bannerman shares. The issue price of the new shares will be, for the interest payment, the 5 day volume weighted average price ('VWAP') of Bannerman's shares prior to the date of issue and, for the extension fee, the lower of A$0.333 per share (being the 10-day VWAP up to yesterday) and the 10 day VWAP up to the date of payment (which must occur by 16 December 2011).
Bannerman CEO, Len Jubber, said: 'The extension of the convertible note evidences the support of one of Bannerman's key shareholders and provides flexibility in considering possible corporate and other financing options for the Company and its Etango Uranium Project'.
Bannerman has also today lodged its audited Annual Financial Statements and Management's Discussion and Analysis for the year ended 30 June 2011. Please refer to the Company's website.
About Bannerman - Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on Bannerman's website at www.bannermanresources.com.
ABN 34 113 017 128
Contacts:
Bannerman Resources Limited
Len Jubber
Chief Executive Officer
Perth, Western Australia
61 (0)8 9381 1436
Bannerman Resources Limited
Peter Kerr
Chief Financial Officer
Perth, Western Australia
61 (0)8 9381 1436
Bannerman Resources Limited
Tim Haughan
Investor Relations Manager
Perth, Western Australia: 61 (0)8 9381 1436
admin@bannermanresources.com.au
www.bannermanresources.com
Spyros Karellas
Investor Relations
Toronto, Ontario, Canada
1 416 800 8921
spyros@pinnaclecapitalmarkets.ca