Bannerman unable to close Namibian govt deal
10th Aug 2012
Aug 10 – Australian uranium developer Bannerman Resources has been unable to agree commercial terms with Namibia’s state-owned Epangelo Mining Co over their term sheet agreement for a 5-10% interest in its local subsidiary.
The 80%-owned subsidiary is sole owner of the Etango project. The term sheet signed in April set out the terms and conditions for Epangelo to acquire an initial 5% plus follow-on option for 5% more. It included conditions to be satisfied by Aug 9, including Epangelo completing due diligence and obtaining acquisition finance.
Bannerman says Epangelo completed technical due diligence but they have been unable to complete a mutually acceptable agreement reflecting the commercial substance.
With cash reserves of$A9.6M and low monthly expenditures, Bannerman says it is under no compulsion to do a deal at cyclically low prices. It will continue to pursue local Namibian and international development partners.
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