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TAW - Tawana - Notice of subscriptions under Rights Issue

Release Date: 19/01/2010 09:26:01      Code(s): TAW
TAW - Tawana - Notice of subscriptions under Rights Issue                       
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")                                                     
19 January 2010                                                                 
NOTICE OF SUBSCRIPTIONS UNDER RIGHTS ISSUE                                      
Tawana Resources NL ("Tawana") is pleased to announce the completion of the     
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") to Eligible Shareholders (as defined in the Offer     
Document) which closed for acceptances at 5pm on Wednesday 13 January 2010.     
Tawana received valid acceptances in relation to 151,898,275 New Shares,        
representing approximately 67.7% of the total number of New Shares offered to   
Eligible Shareholders under the Rights Issue raising $759,491.37. As a result,  
the shortfall in the Rights Issue is approximately 32.3% (excluding provisions  
for option exercises) representing 72,273,444 ordinary shortfall shares.        
As the Rights Issue is fully underwritten, New Shares not applied for under     
the Rights Issue will be issued to Cygnet Capital Pty Ltd ("Cygnet Capital")    
or its nominees at an offer price of 0.5 cents per share in accordance with     
the underwriting agreement between Tawana and Cygnet Capital.                   
The New Shares under the Rights Issue are expected to be allotted on 20 January 
2010 and shareholder statements will be despatched thereafter.                  
Yours faithfully                                                                
Mr Euan Luff                                                                    
Tel: +61 3 9224 1000                                                            
Email: eluff@wfw.com.au                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 19/01/2010 09:26:01 Supplied by www.sharenet.co.za                     
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