|By Marketwired .||
|April 8, 2014 07:00 AM EDT||
PERTH, AUSTRALIA -- (Marketwired) -- 04/08/14 -- Bannerman Resources Limited (ASX: BMN)(TSX: BAN)(NAMIBIAN: BMN) ("Bannerman" or "the Company") is pleased to announce that Resource Capital Fund VI L.P. ("RCF VI") has agreed to provide a A$4 million convertible note facility ("Convertible Note Facility") to support the construction and operation of a pilot plant at the Etango Project. It is subject to the approval of Bannerman shareholders. The full report is available on Bannerman's website at www.bannermanresources.com and on SEDAR (www.sedar.com).
The pilot plant will be constructed to confirm the Definitive Feasibility Study ("DFS") processing assumptions. It should further de-risk the Etango Uranium Project and help to preserve Bannerman's capacity to be an early mover to development in a rising uranium price environment. The Etango Project is a strategically important uranium asset located in the politically stable and uranium mining friendly jurisdiction of Namibia.
Resource Capital Funds ("RCF" or the "Funds") are private equity funds with mandates to make investments exclusively in the mining sector across a diversified range of hard mineral commodities and geographic regions. RCF is currently investing its sixth fund, RCF VI, with committed capital of US$2.04 billion and currently manages three other active private equity funds, Resource Capital Fund V L.P., Resource Capital Fund IV L.P. ("RCF IV") and Resource Capital Fund III L.P.
The Convertible Note Facility will complement the existing shareholding and convertible note held by RCF IV and highlights RCF's continuing support for the Company and the Etango Project.
The Convertible Note Facility will enable construction and operation of the pilot plant and progress the Etango Project to the early stages of detailed engineering. The pilot plant will also enable demonstration of the heap leach model at a larger scale to investors and financiers.
The pilot plant capital cost is estimated at approximately A$1.2 million. It is expected that the pilot plant will be operated for at least 12 months at a cost of approximately A$50,000 per month. The key features of the proposed pilot program are presented in Attachment A to the full report.
Bannerman's Chief Executive Officer, Len Jubber, said:
"Bannerman welcomes the continued support of RCF as the Company continues to pursue its strategy of positioning the Etango Project for fast track development in a rising uranium price environment."
"There is growing awareness that a looming supply shortfall will require a doubling of the uranium price to at least US70/lb U3O8 to incentivise new supply. However a key contributor to the impending supply deficit is the number of years it will take to bring new significant projects into production due to the lengthy technical, permitting and construction timeframes involved. Bannerman's advanced Etango Project remains one of the very few globally significant uranium projects that can realistically be brought into production in the medium term."
The Convertible Note Facility will be repayable in September 2016 and will have an 8% per annum coupon rate payable quarterly in arrears in new Bannerman shares or cash in certain circumstances. The conversion price is to be calculated on a VWAP prior to drawdown of funds under the facility, but will be between A$0.06 and A$0.095 per share. By way of example, based on the 60 day VWAP prior to this announcement, the conversion price will be A$0.095. The key terms and conditions of the Convertible Note Facility are presented in Attachment B to the full report.
At the end of the March quarter, Bannerman had approximately A$1.85 million in cash reserves, and has been successful in significantly reducing the ongoing corporate overheads through a range of organisational and project activity changes.
Bannerman shareholder approval is required to authorise the entry into the Convertible Note Facility and the various related share issues to RCF VI which may arise under the facility (such as for the establishment fee and to satisfy interest payments). As RCF IV currently has a 13.6% shareholding in Bannerman and also holds an A$8 million convertible note, approval will also be sought to enable the combined holding of RCF IV and RCF VI in Bannerman to increase upon conversion of the respective convertible notes and the various related share issues. Full details of the impact of the Convertible Note Facility will be set out in the meeting documents and an independent expert's report will be provided to advise shareholders whether the proposal is fair and reasonable to shareholders who are not associated with RCF.
Bannerman's shareholders will be asked to approve the Convertible Note Facility at a General Meeting to be held in June 2014. Meeting documentation will be dispatched to shareholders in due course.
Len Jubber Chief Executive Officer
About Bannerman - Bannerman Resources Limited is an exploration and development company with uranium interests in Namibia, a southern African country which is 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 CGNPC's Husab Project 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 development of a large open pit uranium operation at Etango. Further information about Bannerman is available at www.bannermanresources.com.au
About Resource Capital Funds - Resource Capital Funds ("RCF" or the "Funds") are private equity funds with mandates to make investments exclusively in the mining sector across a diversified range of hard mineral commodities and geographic regions. The Funds are managed by RCF Management L.L.C. which has its principal office in Denver and additional offices in Perth, New York (Long Island) and Toronto. RCF pioneered the concept of mining-focused private equity funds and strives to produce superior returns to its investors, portfolio companies and fellow equity investors. Since inception, RCF has supported 118 mining companies (and several mining-services companies) involving projects located in 40 countries and relating to 28 commodities.
RCF has experience in building management teams specifically suited to develop and or operate assets and has the resources and networks to draw upon to source top talent from around the world. In addition to providing financing, RCF has the in-house technical and financial expertise to actively guide a mining company's management team through the process of raising capital in the public equity and project financing markets. RCF's management team consists of individuals with extensive commercial and technical experience in the mining industry.
RCF is currently investing its sixth fund, Resource Capital Fund VI L.P., with committed capital of US$2.04 billion and currently manages three other active private equity funds, Resource Capital Fund V L.P., Resource Capital Fund IV L.P. and Resource Capital Fund III L.P. The Fund's committed capital is sourced primarily from US-based institutional investors. Further information about Resource Capital Funds is available at www.resourcecapitalfunds.com
ABN 34 113 017 128
Chief Executive Officer
Perth, Western Australia
Tel: +61 (0)8 9381 1436
Professional Public Relations
Perth, Western Australia
Tel: +61 (0)433 112 936
Toronto, Ontario, Canada
Tel: +1 416 800 8921
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Aug. 1, 2015 11:15 AM EDT Reads: 140
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Aug. 1, 2015 10:30 AM EDT Reads: 193
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 283
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Aug. 1, 2015 09:45 AM EDT Reads: 381
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Aug. 1, 2015 09:45 AM EDT Reads: 117
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Aug. 1, 2015 09:45 AM EDT Reads: 171
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Aug. 1, 2015 08:00 AM EDT Reads: 300
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Aug. 1, 2015 08:00 AM EDT Reads: 1,684
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Jul. 31, 2015 11:45 PM EDT Reads: 784
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
Jul. 31, 2015 10:15 PM EDT Reads: 313
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Jul. 31, 2015 04:30 PM EDT Reads: 430
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jul. 31, 2015 03:00 PM EDT Reads: 497
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Jul. 31, 2015 11:45 AM EDT Reads: 139
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jul. 31, 2015 11:45 AM EDT Reads: 125
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Jul. 31, 2015 08:45 AM EDT Reads: 305