Bannerman Initiates Share Purchase Plan to Raise Maximum Gross Proceeds

Bannerman Resources Ltd. (ASX:BMN) announced that it has initiated a share purchase plan under Australian law, which will provide eligible share holder with the chance to subscribe for new Bannerman share to raise maximum gross proceeds of up to AU$2 million.

As quoted in the press release:

The SPP will provide eligible shareholders with an opportunity to subscribe for up to AU$15,000 (C$14,134) worth of new Bannerman ordinary shares at AU$0.052 (C$0.049) per share without incurring brokerage or other transaction costs. The total which may be raised under the SPP is capped at AU$2 million. If the total value of applications is more than AU$2 million, Bannerman will scale back applications.

The SPP is open to shareholders who were registered holders of fully paid ordinary shares in Bannerman (or persons expressly noted on the register as a beneficiary of shares held by a trustee or nominee) at 5 p.m. (Perth time) and 4 a.m. (Toronto time) on the record date of 4 March 2015 with a registered address in Australia, or New Zealand, or resident in one of the eligible Canadian jurisdictions and be an “accredited investor” within the meaning of applicable Canadian securities laws.

Click here to read the full Bannermand Resources Ltd. (ASX:BMN) press release.