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Tawana Resources NL - Successful Completion of Rights Issue - Shortfall Notice

Release Date: 29/05/2006 09:21
Code(s): TAW
Wrap Text

Tawana Resources NL - Successful Completion of Rights Issue - Shortfall Notice Tawana Resources NL (Incorporated in Australia) (Registration number ACN 085 166 721) Share code on the JSE Limited: TAW & ISIN: AU000000TAW7 Share code on the Australian Stock Exchange Limited: TAW & ISIN: AU000000TAW7 ("Tawana" or "the Company") Successful Completion of Rights Issue - Shortfall Notice Tawana Resources is pleased to report it has successfully completed an underwritten Rights Issue, raising A$7.5 million before costs. The proceeds of the Rights Issue underpins the funding of a focused two year work program which includes trial mining at Kareevlei Wes in South Africa and bulk sampling at Blacktop in the Pilbara. Both programs are expected to commence in the second half of this year. Tawana announced a one for three Non-Renounceable Rights Issue to shareholders on 13 April 2006. The Rights Issue entitled shareholders to subscribe for ordinary shares at a price of $0.35 per share on or before 24 May 2006. The Issue was fully underwritten by ABN AMRO Morgans Corporate Limited. The Rights Issue closed on 24 May and resulted in an 8.33% take up by its shareholders with the 91.67% shortfall placed with clients of the underwriters, ABN AMRO Morgans Corporate Limited. Directors of Tawana are particularly pleased to note that approximately 55% of the shortfall shares will be placed with South African Institutions. Since its listing on the Johannesburg Stock Exchange (JSE) in November 2005, it has been the aim of the Company to increase its shareholder spread in South Africa and to enhance liquidity of Tawana shares on the JSE. For further details contact: Wolf Marx Tel: +61 3 99097551 Mob: 0428 398446 Email:wolf.marx@tawana.com.au Andrew Smith Tel: 08 82768794 Mob: 0428 265205 Email: andrew.smith@tawana.com.au Representative Office: Kimberley South African Sponsor to Tawana: PricewaterhouseCoopers Corporate Finance (Pty) Limited All press releases and announcements may be inspected on the Company"s web site: www.tawana.com.au 29 May 2006 Date: 29/05/2006 09:21:38 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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