Bannerman Resources Pushes On With Capital Raising

Published on Wednesday December 14 2011

URANIUM aspirant Bannerman Resources is not waiting for its troubled Chinese suitors to get their house in order, and will push ahead with a capital raising to help fund work on its flagship project in Namibia.

Bannerman went into a trading halt yesterday and is expected to emerge in the next 48 hours with plans to raise up to $15 million.

Bannerman was forced to walk away from takeover talks with Chinese investor Sichuan Hanlong Group after Hanlong could not guarantee funding arrangements from Chinese banks.

Hanlong's push into Australia's resources sector has been hampered by an insider trading investigation involving key executives, including managing director Steven Hui Xiao.

His wife, Xike Hu, yesterday agreed to a travel ban (until March) demanded by the Australian Securities and Investments Commission.

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