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:
Tel: +61 3 99097551
Mob: 0428 398446
Tel: 08 82768794
Mob: 0428 265205
South African Sponsor to Tawana:
PricewaterhouseCoopers Corporate Finance (Pty) Limited
All press releases and announcements may be inspected on the Company"s web site:
29 May 2006
Date: 29/05/2006 09:21:38 AM Supplied by www.sharenet.co.za
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