Bannerman Resources Limited
TSX : BAN
ASX : BMN

Bannerman Resources Limited

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.

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 and most significant asset is its 80% interest in the Etango Project situated southwest of Rio Tinto's Rossing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on the Company's website at www.bannermanresources.com.au.

This announcement does not constitute an offer of securities for sale in the United States or to "US persons" (as defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act"))("US Person") and may not be sent or disseminated in, directly or indirectly, the United States or to any US Person or any person acting for the account or benefit of any US Person in any place. Bannerman shares have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered, sold or otherwise transferred in the United States or to or for the account or benefit of any US Person except in compliance with the registration requirements of the Securities Act and any other applicable state securities laws or in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Contact Information