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Bannerman Resources responds to ASX query on price and volume increase

Bannerman noted that market focus on the uranium sector may be increasing given the proximity of a recommendation by the US Department of Commerce.

share price chart
The recommendation is due by April 14, 2019

Bannerman Resources Ltd (ASX:BMN) received a query from the ASX today related to the company’s shares rising from 3.9 cents at the close of trading on Monday, March 11 to a high of 5 cents today.

The ASX also noted the significant increase in the volume of Bannerman securities traded over the last few days.

Bannerman responded to the query explaining that it was not aware of any information that had not been released to the market which, if known, could be an explanation for recent trading in the securities of the company.

READ: Bannerman Resources defines satellite deposit potential in drilling at Etango Uranium Project

However, the company noted that market focus on the uranium sector may be increasing given the proximity of a recommendation by the United States Department of Commerce regarding the national security investigation of uranium imports under Section 232 of the Trade Expansion Act of 1962.

The Department of Commerce is required to make its recommendations to the Trump Administration by April 14, 2019.

Accordingly, Bannerman stated that the recent trading in its securities could be explained by more general factors affecting the uranium market, rather than factors specific to Bannerman.

READ: Bannerman Resources highlights positive uranium industry outlook as it updates DFS

Quick facts: Bannerman Resources Ltd

Price: 0.041 AUD

Market: ASX
Market Cap: $43.41 m

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