PERTH, AUSTRALIA--(Marketwired - Jan 24, 2017) - Bannerman Resources Ltd. (ASX:BMN)(NAMIBIAN:BMN) ("Bannerman" or "the Company") is pleased to report on a successful December quarter that positions the Company well within an environment of improving uranium sector sentiment.
HIGHLIGHTS
Successful capital raising results in A$5 million pro-forma cash balance at quarter end
Strongly supported A$4 million placement to institutional and sophisticated investors
Shareholders approved the residual A$0.5 million from RCF VI L.P. post quarter end
Use of funds includes update of the Etango Definitive Feasibility Study (2012), including incorporation of strong results from the Heap Leach Demonstration Plant
Appointment of Ms Twapewa Kadhikwa to the Subsidiary Board
Corporate streamlining continued
Completion of unmarketable parcel share sale facility
Sale and lease-back completed for Swakopmund office property
Uranium market dynamics continue to tighten, driving improved sentiment
10 reactors commissioned in 2016
Kazatomprom announced 2017 production cut of 10%; coupled with establishment of a Swiss trading arm, demonstrates supply discipline from world's largest producer
U3O8 spot price reached a 12 year low, with subsequent 25% increase to US$22.75/lb
Bannerman's Chief Executive Officer, Mr Brandon Munro, said, "I am delighted with Bannerman's progress over another successful quarter. Uranium sector sentiment is improving, supply and demand dynamics are tightening and we can foresee a number of catalysts potentially coming into play in 2017."
The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).
Brandon Munro, Chief Executive Officer
24 January 2017
ABN 34 113 017 128
Contact
Bannerman Resources Ltd. Brandon Munro Chief Executive Officer Perth, Western Australia +61 (8) 9381 1436 info@bannermanresources.com.au Spyros Karellas Investor Relations Toronto, Ontario, Canada +1 416 433 5696 spyros@pinnaclecapitalmarkets.ca www.bannermanresources.com Michael Vaughan (Media) Fivemark Partners Perth, Western Australia +61 422 602 720 michael.vaughan@fivemark.com.au
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