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TAW - Tawana Resources NL - Quarterly Activities and Cash Flow Report 1
January2010-1 March 2010
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")
Quarterly Activities and Cash Flow Report 1 January 2010 - 31 March 2010
Botswana
Orapa Project
(100% owned by a wholly owned subsidiary of Tawana with Firestone Diamonds Ltd
having the right to initially earn 70% interest in the Project)
Firestone Diamonds Limited, our joint venture partner, advises that since the
commencement of the Joint Venture the following has occurred:
- Orapa BK24
- no further diamond recoveries or grades of any interest, although the
material sampled was too diluted and it is intended to drill some LDD
holes to further evaluate the Project.
- Francistown prospecting licenses
- work has not yet commenced on these licenses.
South Africa
Kareevlei Wes Project, Kimberley Region, South Africa
(100% owned and operated by Tawana)
During the past three (3) quarters the Company has been pursuing the possibility
of a joint venture partner to further evaluate this tenement by trial mining.
Rakana
Aquila Resources Limited recently released the attached announcement to the ASX
on 15 April 2010.
The Company previously advised on 30 October 2009 details of the Aquila Avontuur
Manganese Project, a copy of which is attached.
The Company advises that it holds 26% equity in Rakana Consolidated Mines Pty
Ltd ("Rakana"), the joint venture partner of Aquila in the Thabazimbi Joint
Venture in South Africa.
St. Augustines Kimberlite Project, Kimberley, South Africa (Operated by Tawana;
Tawana 30% equity in Vecto Trade 436 (Pty) Ltd)
No exploration work was carried out during the quarter.
Australia
Flinders Island Project, South Australia (80% owned by Tawana and 20% owned by
Orogenic Exploration/Flinders Diamonds Ltd earning in)Flinders Mines Limited
(FMS) have reported that works carried out by them pursuant to the joint venture
are encouraging but have not yet defined any specific kimberlite drill targets.
Corporate
Operating expenses have been reduced substantially and this will continue
whenever possible.
After the end of this quarter, Warwick Grigor was appointed to the Board to fill
a vacancy. He was also appointed Non-Executive Chairman of Directors of the
Company.
Funding
On 8 December 2009 the Company announced a 1 for 1 pro-rata non-renounceable
rights issue of up to 262,331,772 fully paid ordinary shares in the capital of
the Company (including provisions for options exercises) (New Shares) at $0.005
per New Share to Eligible Participants (as defined in the Offer Document)
(Rights Issue).
The Rights Issue closed for acceptances at 5.00 pm AEDT for ASX and 5.00 pm
Johannesburg time for JSE on 13 January 2010. The Company received valid
acceptances for 151,898,275 New Shares raising $759,491.37.
The shortfall under the Rights Issue was approximately 72,273,400 ordinary
shortfall shares. As the Rights Issue was underwritten all New Shares not
applied for under the Rights Issue were issued to Cygnet Capital Pty Ltd or its
nominees at an issue price of $0.005 per share in accordance with the
Underwriting Agreement dated 7 December 2009 between the Company and Cygnet
Capital Pty Ltd. On 2 February 2010 the Company announced that the shortfall
from the Rights Issue had been allotted.
The injection of funds raised through the Rights Issue has strengthened the
financial position of the Company.
Contact:
Euan Luff
Tel: +61 (0)3 9224 1000
Tawana Resources- a world class diamond and mineral exploration company listed
on the Australian and Johannesburg Stock Exchanges committed to the principles
of enhancing shareholder value through being ethically, socially and
environmentally conscious corporate citizens.
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8.
Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
Tawana Resources NL
ABN Quarter ended
("current quarter")
69 085 166 721 31 March 2010
Consolidated statement of cash flows
Current Year to date
Cash flows related to operating quarter (3 months)
activities $A`000
$A`000
1.1 Receipts from product
sales and related debtors - -
1.2 Payments for
(a)exploration and (15) (15)
evaluation
(b)development - -
(c)production - -
(d)administration (246) (246)
1.3 Dividends received - -
1.4 Interest and other items
of a similar nature
received 9 9
1.5 Interest and other costs
of finance paid - -
1.6 Income taxes paid - -
1.7 Other - -
Net Operating Cash Flows (252) (252)
Cash flows related to
investing activities
1.8 Payment for purchases of:
(a)prospects - -
(b)equity investments - -
(c)other fixed assets - -
1.9 Proceeds from sale of:
(a)prospects - -
(b)equity investments - -
(c)other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other - -
entities
1.12 Other (provide details if - -
material)
Net investing cash flows - -
1.13 Total operating and
investing cash flows
(carried forward) (252) (252)
1.13 Total operating and
investing cash flows
(brought forward) (252) (252)
Cash flows related to
financing activities
1.14 Proceeds from issues of
shares, options, etc. 1,042 1,042
1.15 Proceeds from sale of
forfeited shares - -
1.16 Proceeds from borrowings 67 67
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - share issue costs (214) (214)
Net financing cash flows
895 895
Net increase (decrease) in
cash held 643 643
1.20 Cash at beginning of
quarter/year to date 349 349
1.21 Exchange rate adjustments
to item 1.20 (1) (1)
1.22 Cash at end of quarter
991 991
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current
quarter
$A`000
1.23 Aggregate amount of payments to the
parties included in item 1.2 70
1.24 Aggregate amount of loans to the
parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the
transactions
Directors` fees and payments made to Wilmoth Field
Warne, an entity related to a director.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which
have had a material effect on consolidated assets and
liabilities but did not involve cash flows
N/A
2.2 Details of outlays made by other entities to establish
or increase their share in projects in which the
reporting entity has an interest
N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount Amount used
available $A`000
$A`000
3.1 Loan facilities - -
3.2 Credit standby
arrangements - -
Estimated cash outflows for next quarter
$A`000
4.1 Exploration and evaluation 10
4.2 Development -
Total 10
Reconciliation of cash
Reconciliation of cash at the Current Previous
end of the quarter (as shown in quarter quarter
the consolidated statement of $A`000 $A`000
cash flows) to the related items
in the accounts is as follows.
5.1 Cash on hand and at bank 991 349
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of 991 349
quarter (item 1.22)
Changes in interests in mining tenements
Tenement Nature Interest Interest
reference of at at end
interest beginning of
(note of quarter
(2)) quarter
6.1 Interests in
mining
tenements
relinquished,
reduced or
lapsed
6.2 Interests in
mining
tenements
acquired or
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total Number Issue Amount
number quoted price per paid up
security per
(see note security
3) (cents) (see note
3)
(cents)
7.1 Preference - - N/A N/A
+securities
7.2 Changes
during
quarter N/A N/A N/A N/A
7.3 +Ordinary 441,416,029 441,216,029
securities
7.4 Changes
during
quarter
(a) 224,277,175 224,277,175 0.5 cents N/A
Increases
through
issues
(b) - -
Decreases
through
returns of
capital, buy-
backs
7.5 +Convertible 6,666,667 -
debt
securities
7.6 Changes - -
during
quarter
7.7 Options Exercise Expiry
price date
Unlisted
options 1.420,000 - $0.35 30 Nov
2011
Unlisted
options 6,750,000 - $0.10 17 Jan
2014
Unlisted
options 4,000,000 - $0.07 18 Jun
2012
Unlisted
options 6,000,000 - $0.10 17 Jan
2013
Unlisted
options 6,750,000 - $0.07 17 Jan
2013
Unlisted
options 50,000,000 - $0.01 23 Feb
2013
Listed
options 13,240,053 13,240,053 $0.10 1 Apr
2011
7.8 Issued
during
quarter
Unlisted 50,000,000 - $0.01 23 Feb
options 2013
7.9 Exercised - -
during
quarter
7.10 Expired - -
during
quarter
7.11 Debentures - -
7.12 Unsecured - -
notes
Compliance statement
1 This statement has been prepared under accounting policies which comply
with accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................
Date: 30 April 2010
(Company secretary)
Print name: Aaron Finlay
Notes
1 The quarterly report provides a basis for informing the market how the
entity`s activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the reporting
period. If the entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities. The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for and
Evaluation of Mineral Resources and AASB 107: Cash Flow Statements apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with.
30 April 2010
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 30/04/2010 10:46:02 Supplied by www.sharenet.co.za
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