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Bannerman Resources Ltd

Bannerman Resources has new substantial shareholder in Tribeca Investment Partners

Sydney-based Tribeca has acquired shares with a total value of $4.5 million in the uranium explorer for an 8.73% stake.

Bags of cash
The acquisition follows Resource Capital Fund selling its entire stake

Bannerman Resources Limited (ASX:BMN) (NSX:BMN) has a new substantial shareholder with Sydney-based Tribeca Investment Partners Pty Ltd now holding an 8.73% stake.

Tribeca reached this status in the uranium explorer and developer by acquiring 90 million shares on-market on September 14, 2018, with a total value of $4.5 million.

READ: Bannerman Resources buoyed as uranium investors snap up RCF’s substantial stake

The acquisition follows substantial shareholder Resource Capital Fund (RCF) selling its entire stake of more than 191 million shares.

Tribeca was one of a number of Australian and offshore institutions involved in picking up RCF’s shares.

Among the institutions to participate were specialist uranium investment funds and existing institutional shareholders.

 

Bannerman’s CEO Brandon Munro said of this participation that it was a strong signal of the health of uranium investor sentiment.

“Completion of this sale (RCF) underscores the high regard in which Bannerman is held by institutional investors and will provide serious strength to Bannerman’s register.”

Further institutional investors welcomed

Chairman Ronnie Beevor said, “Bannerman is very pleased to welcome further institutional investors to its register.

“The Bannerman board and management team will continue to focus on delivering maximum value for all shareholders from its highly endowed and strategically placed Etango Uranium Project.”

Etango Uranium Project is principal asset

Bannerman’s principal asset is its 95%-owned Etango project in Namibia, near Rio Tinto plc’s (LON:RIO) Rössing uranium mine, Paladin Energy Ltd’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine.

A definitive feasibility study has confirmed the viability of a large open pit and heap leach operation at one of the world’s largest undeveloped uranium deposits.

Quick facts: Bannerman Resources Ltd

Price: $0.04

Market: ASX
Market Cap: $40.62 m
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