Go Back Email this Link to a friend


Tawana Resources Nl - Completion Of Acquisition Of Cowan Lithium Project

Release Date: 28/03/2017 08:52:00      Code(s): TAW     
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(?the Company? or ?Tawana?)


  Completion of Acquisition of Cowan Lithium Project

Tawana Resources NL (?Tawana? or the ?Company?) advises that the vendors of
 the Cowan and Yallari Lithium Projects (refer ASX announcement 6 March 2017)
have elected to receive $1,000,000 in cash and $1,000,000 in Tawana shares (50%
                            escrowed for 12 months).

Refer accompanying Appendix 3B and ASX releases 6 March 2017 and 11 July 2016
for full details. In addition, the company has issued options to key production
employees, details of which are also included in the Appendix 3B.

  Cowan Project

         The Cowan Project comprises three tenements totalling 159km2. The
         tenements are adjacent to the Bald Hill Mine (Tawana earning 50%), at
         which the Company is expected to commence lithium production in 2017.
         The Cowan Project contains a large number of LCT pegmatites some of
         which are proven to contain significant spodumene.

  Yallari Project

         The fourth tenement is a 41.2km2 application which forms part of the
         Company?s Yallari Project, located 6km west of the Mt Marion lithium
         mine (75km NW of the Cowan Project). The tenement contains numerous
         pegmatites in the same host-rock sequence as Mt Marion and is located
         close to the Depot Hill granodiorite. No exploration for lithium has been
         undertaken to date, however the project is considered highly
         prospective.

About Tawana (ASX & JSE: TAW)
Tawana Resources NL, is focussed on becoming a spodumene producer in 2017
with its high-quality lithium projects in Western Australia and Namibia.
Tawana?s principal projects are the Bald Hill Lithium and Tantalum Mine (earning
a 50% interest) and the adjacent Cowan Lithium Project. The projects have
numerous high quality spodumene-rich pegmatites, some of which have been
historically mined and processed for tantalum at the existing Bald Hill processing
facility.
The Company also owns rights to the giant Uis pegmatite tailings stockpile in
Namibia, estimated to be 20 million tonnes. Drilling has been completed
confirming the presence of lithium. Metallurgical test work to confirm acceptable
recoverable grades has commenced and if favourable, there is potential for a low
capex/opex operation.
The Company also owns the Mofe Creek Iron Ore Project in coastal Liberia. The
deposits are characterised by exceptionally coarse grained, high-grade free-dig,
itabirite that have the potential to deliver a premium, low cost product. The
Company is completing a Mineral Development Agreement (?MDA?) with the
Government of Liberia and is considering initially collaborating with owners of the
under-utilized port of Monrovia or others with a desire to develop a low capital
cost DSO operation.



Appendix 3B

                                 New issue announcement,
                      application for quotation of additional securities
                                       and agreement
Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX?s property and may be made public.
Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12




Name of entity
TAWANA RESOURCES NL


ABN
69 085 166 721


We (the entity) give ASX the following information.


Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough space).

 1        +Class  of +securities issued or              (a) Fully paid ordinary shares
          to be issued                                  (b) Fully paid ordinary shares
                                                        (c) Class K, L, M, N Incentive Options


 2        Number of +securities issued                  (a) 3,546,099
          or to be issued (if known) or                 (b) 3,546,099
          maximum number which may                      (c) 3,250,000 Incentive Options
          be issued
3   Principal     terms   of    the                     (a) Fully paid ordinary shares
    +securities (eg, if options,                        (b) Fully paid ordinary shares
    exercise price and expiry date;                     (c) Class K, L, M, N Incentive Options, (exercise
    if partly paid +securities, the                         price of $0.16 to $0.23 and expiry date of 1 March
    amount outstanding and due                              2019 to 8 May 2020)
    dates     for    payment;     if
    +convertible securities, the
    conversion price and dates for
    conversion)
4    Do the +securities rank equally                    (a) Yes
     in all respects from the date of                   (b) Yes but note they are subject to a trading
     allotment with an existing +class                      restriction until 6 March 2018
     of quoted +securities?                             (c) No, the incentive options represent a new
                                                            class of security
     If the additional securities do
     not rank equally, please state:
     - the date from which they do
     - the extent to which they
        participate for the next
        dividend, (in the case of a
        trust,    distribution)      or
        interest payment
     - the extent to which they do
        not rank equally, other than
        in relation to the next
        dividend, distribution or
        interest payment

5    Issue price or consideration                       (a) Nil, deemed price of $0.141 per share,
                                                            consideration for acquisition of Cowan and Yallari
                                                            Lithium Projects as outlined in ASX release 6 March
                                                            2017.
                                                        (b) Nil, deemed price of $0.141 per share,
                                                            consideration for acquisition of Cowan and Yallari
                                                            Lithium Projects as outlined in ASX release 6 March
                                                            2017.
                                                        (c) The incentive options were issued for nil
                                                            consideration.

6    Purpose of the issue                               (a) Consideration for acquisition of Cowan and
     (If issued as consideration for                        Yallari Lithium Projects.
     the acquisition of assets, clearly                 (b) Consideration for acquisition of Cowan and
     identify those assets)                                 Yallari Lithium Projects.
                                                        (c) Incentive Options were issued to employees
                                                            and consultants in accordance with the Company?s
                                                            Employee Option Incentive Plan.


6a   Is the entity an +eligible entity                      No
     that has obtained security
     holder approval under rule 7.1A?

     If Yes, complete sections 6b ? 6h
     in relation to the +securities the
     subject of this Appendix 3B, and
     comply with section 6i

6b   The date the security holder                          N/A
     resolution under rule 7.1A was
     passed
6c   Number of +securities issued                          7,092,198 Fully paid ordinary shares
     without security holder approval
     under rule 7.1

6d   Number of +securities issued                          N/A
     with security holder approval
     under rule 7.1A

6e   Number of +securities issued                          N/A
     with security holder approval
     under rule 7.3, or another
     specific security holder approval
     (specify date of meeting)

6f   Number of securities issued                           N/A
     under an exception in rule 7.2

6g   If securities issued under rule                       N/A
     7.1A, was issue price at least 75%
     of 15 day VWAP as calculated
     under rule 7.1A.3? Include the
     issue date and both values.
     Include the source of the VWAP
     calculation.

6h   If securities were issued under                       N/A
     rule    7.1A     for    non-cash
     consideration, state date on
     which         valuation       of
     consideration was released to
     ASX Market Announcements

6i   Calculate the entity?s remaining                      7.1 ? 44,936,627
     issue capacity under rule 7.1 and                     7.1A ? N/A
     rule 7.1A ? complete Annexure 1
     and release to ASX Market
     Announcements

7    Dates of entering +securities                         27 March 2017
     into uncertificated holdings or
     despatch of certificates



                                                 Number                   +Class
8    Number and        +class of all            382,117,700              Ordinary Fully Paid
     +securities    quoted on ASX                                        Shares
     (including the securities in
     section 2 if applicable)
                                               Number      Class
                                                           +

 9    Number and        +class of all          550,000     Class F Incentive Options
      +securities not quoted on ASX                        ($0.178, 26 May 2018)
                                               2,500,000   Class G Placement Options
      (including the securities in                         ($0.035, 15 June 2018)
      section 2 if applicable)                 3,000,000   Class H Incentive Options
                                                           ($0.06, 30 June 2019)
                                               2,000,000   Class I Incentive Options
                                                           ($0.06, 30 June 2019)
                                               2,625,000   Class J Incentive Options
                                                           ($0.13, 7 January 2020)
                                               500,000     Class K Incentive Options
                                                           ($0.16, 1 March 2019)
                                               1,500,000   Class L Incentive Options
                                                           ($0.16, 15 March 2020)
                                               750,000     Class M Incentive Options
                                                           ($0.18, 8 May 2020)
                                               500,000     Class N Incentive Options
                                                           ($0.23, 27 March 2020)


 10   Dividend policy (in the case of a        Unchanged
      trust, distribution policy) on the
      increased capital (interests)



Part 2 - Bonus issue or pro rata issue

 11   Is security      holder     approval     N/A
      required?



 12   Is the issue renounceable or non-        N/A
      renounceable?

 13   Ratio in which the         +securities   N/A
      will be offered

 14   +Class  of +securities to which the      N/A
      offer relates

 15   +Record   date     to      determine     N/A
      entitlements

 16   Will holdings on different               N/A
      registers (or subregisters) be
      aggregated    for   calculating
      entitlements?

 17   Policy for deciding entitlements         N/A
      in relation to fractions
18   Names of countries in which the                 N/A
     entity has +security holders who
     will not be sent new issue
     documents
     Note: Security holders must be told how their
     entitlements are to be dealt with.

     Cross reference: rule 7.7.


19   Closing date for receipt                  of    N/A
     acceptances or renunciations


20   Names of any underwriters                       N/A




21   Amount of any underwriting fee                  N/A
     or commission

22   Names of any brokers to the                     N/A
     issue



23   Fee or commission payable to                    N/A
     the broker to the issue

24   Amount of any handling fee                      N/A
     payable to brokers who lodge
     acceptances or renunciations on
     behalf of +security holders

25   If the issue is contingent on                   N/A
     +security holders? approval, the

     date of the meeting

26   Date entitlement and acceptance                 N/A
     form and prospectus or Product
     Disclosure Statement will be sent
     to persons entitled

27   If the entity has issued options,               N/A
     and the terms entitle option
     holders    to    participate  on
     exercise, the date on which
     notices will be sent to option
     holders

28   Date rights trading will begin (if              N/A
     applicable)

29   Date rights trading will end (if                N/A
     applicable)

30   How do          +security    holders sell       N/A
         their entitlements in full through
         a broker?

 31      How do +security holders sell                     N/A
         part of their entitlements
         through a broker and accept for
         the balance?

 32      How do +security holders dispose                  N/A
         of their entitlements (except by
         sale through a broker)?

 33      +Issue   date                                     N/A




Part 3 - Quotation of securities
You need only complete this section if you are applying for quotation of securities

 34      Type of securities
         (tick one)

 (a)     ?        Securities described in Part 1


 (b)              All other securities
                   Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid,
                  employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible
                  securities



Entities that have ticked box 34(a)

Additional securities forming a new class of securities
Tick to indicate you are providing the information or
documents


              ?the securities are equitythe numberthe names of the of additional securities
 35           If          +                    +
                                         securities,                20 largest holders of the
                                 +
              additional securities, and             and percentage                                                   +

                  held by those holders


              ?the securities are equity securities, a distribution schedule of the additional
 36           If          +                     +
                  +
               securities setting out the number of holders in the categories
                  1 - 1,000
                  1,001 - 5,000
                  5,001 - 10,000
                  10,001 - 100,000
                  100,001 and over


              ?copy of any trust deed for the additional
 37           A                                                                +securities
Entities that have ticked box 34(b)

38    Number of securities for which
      +quotation is sought




39    Class of +securities for which
      quotation is sought



40    Do the +securities rank equally in
      all respects from the date of
      allotment with an existing +class
      of quoted +securities?

      If the additional securities do not
      rank equally, please state:
      ? the date from which they do
      ? the extent to which they
          participate for the next
          dividend, (in the case of a
          trust, distribution) or interest
          payment
      ? the extent to which they do
          not rank equally, other than in
          relation to the next dividend,
          distribution      or    interest
          payment

41    Reason for request for quotation
      now
      Example: In the case of restricted securities, end
      of restriction period


      (if issued upon conversion of
      another security, clearly identify
      that other security)



                                                           Number   Class
                                                                    +

42    Number and                +class
                                  of all
      +securities   quoted on ASX
      (including the securities in clause
      38)
Quotation agreement

1     +Quotation of our additional +securities is in ASX?s absolute discretion.
      ASX may quote the +securities on any conditions it decides.

2     We warrant the following to ASX.

       -     The issue of the +securities to be quoted complies with the law
             and is not for an illegal purpose.

       -     There is no reason why those +securities should not be granted
             +quotation.



       -     An offer of the +securities for sale within 12 months after their
             issue will not require disclosure under section 707(3) or section
             1012C(6) of the Corporations Act.
             Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be
             able to give this warranty


       -     Section 724 or section 1016E of the Corporations Act does not apply to
             any applications received by us in relation to any +securities to be
             quoted and that no-one has any right to return any +securities to be
             quoted under sections 737, 738 or 1016F of the Corporations Act at the
             time that we request that the +securities be quoted.

       -     If we are a trust, we warrant that no person has the right to
             return the +securities to be quoted under section 1019B of the
             Corporations Act at the time that we request that the +securities
             be quoted.

3     We will indemnify ASX to the fullest extent permitted by law in respect
      of any claim, action or expense arising from or connected with any
      breach of the warranties in this agreement.

4     We give ASX the information and documents required by this form. If
      any information or document not available now, will give it to ASX
      before +quotation of the +securities begins. We acknowledge that ASX is
      relying on the information and documents. We warrant that they are
      (will be) true and complete.


Sign here:   ................... ........................   ?.         Date: 27 March 2017
             (Company secretary)

Print name: Michael Naylor

28 March 2017
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Appendix 3B ? Annexure 1

Calculation of placement capacity under rule 7.1 and rule 7.1A for
+eligible entities

Introduced 01/08/12



Part 1

                      Rule 7.1 ? Issues exceeding 15% of capital

 Step 1: Calculate ?A?, the base figure from which the placement
 capacity is calculated

 Insert number of fully paid ordinary                                             73,762,751
 securities on issue 12 months before date
 of issue or agreement to issue

 Add the following:                                    34,406,658 (Rights Issue 3 June 2016)
 ?    Number of fully paid ordinary securities      39,356,093 (Rights Issue shortfall 16 June
      issued in that 12 month period under                                               2016)
      an exception in rule 7.2
                                                         19,620,000 (ratified and approved at
 ?    Number of fully paid ordinary securities    shareholder meeting dated 23 August 2016 )
      issued in that 12 month period with
                                                         90,380,000 (approved at shareholder
      shareholder approval
                                                              meeting dated 23 August 2016)
 ?    Number of partly paid ordinary
                                                    1,000,000 Options (exercise of options on
      securities that became fully paid in that
                                                                         24 November 2016)
      12 month period
                                                   29,628,825 (ratified at shareholder meeting
 Note:
                                                                     dated 23 December 2016)
 ? Include only ordinary securities here ?
    other classes of equity securities              5,000,000 (ratified at shareholder meeting
    cannot be added                                                  dated 23 December 2016)
 ? Include here (if applicable) the
    securities the subject of the Appendix               27,200,175 (approved at shareholder
    3B to which this form is annexed                       meeting dated 23 December 2016)
 ? It may be useful to set out issues of                 50,000,000 (approved at shareholder
    securities on different dates as                       meeting dated 23 December 2016)
    separate line items
                                                  3,171,000 (approved at shareholder meeting
                                                                   dated 23 December 2016)

 Subtract the number of fully paid ordinary                                                  -
 securities cancelled during that 12 month
 period

 ?A?                                                                             373,525,502
Step 2: Calculate 15% of ?A?

?B?                                            0.15
                                               [Note: this value cannot be changed]

Multiply ?A? by 0.15                                                           56,028,825

Step 3: Calculate ?C?, the amount of placement capacity under rule 7.1
that has already been used

Insert number of equity securities issued or   2,500,000 Options (refer appendix 3B on 16
agreed to be issued in that 12 month period                                   June 2016)
not counting those issued:
                                                1,500,000 Shares (refer appendix 3B on 24
?   Under an exception in rule 7.2                                          August 2016)
?   Under rule 7.1A                                     7,092,198 Shares (27 March 2017)
?   With security holder approval under rule
    7.1 or rule 7.4
Note:
? This applies to equity securities, unless
   specifically excluded ? not just ordinary
   securities
? Include here (if applicable ) the
   securities the subject of the Appendix
   3B to which this form is annexed
? It may be useful to set out issues of
   securities on different dates as separate
   line items
?C?                                                                            11,092,198

Step 4: Subtract ?C? from [?A? x ?B?] to calculate remaining
placement capacity under rule 7.1

?A? x 0.15                                                                     56,028,825
Note: number must be same as shown in
Step 2

Subtract ?C?                                                                   11,092,198
Note: number must be same as shown in
Step 3

Total [?A? x 0.15] ? ?C?                                                       44,936,627
Part 2

      Rule 7.1A ? Additional placement capacity for eligible entities

Step 1: Calculate ?A?, the base figure from which the placement
capacity is calculated

?A?                                             Not Applicable
Note: number must be same as shown in
Step 1 of Part 1

Step 2: Calculate 10% of ?A?

?D?                                             0.10
                                                Note: this value cannot be changed

Multiply ?A? by 0.10

Step 3: Calculate ?E?, the amount of placement capacity under rule
7.1A that has already been used

Insert number of equity securities issued or
agreed to be issued in that 12 month period
under rule 7.1A
Notes:
? This applies to equity securities ? not
   just ordinary securities
? Include here ? if applicable ? the
   securities the subject of the Appendix
   3B to which this form is annexed
? Do not include equity securities issued
   under rule 7.1 (they must be dealt with
   in Part 1), or for which specific security
   holder approval has been obtained
? It may be useful to set out issues of
   securities on different dates as separate
   line items
?E?
Step 4: Subtract ?E? from [?A? x ?D?] to calculate remaining
placement capacity under rule 7.1A

?A? x 0.10
Note: number must be same as shown in
Step 2

Subtract ?E?
Note: number must be same as shown in
Step 3

Total [?A? x 0.10] ? ?E?                Note: this is the remaining placement
                                        capacity under rule 7.1A

Date: 28/03/2017 08:52:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.


                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.