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

Release Date: 29/05/2006 09:21:35      Code(s): TAW
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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