TAWANA RESOURCES NL - Capital raising completed to progress Lithium projectsRelease Date: 26/10/2016 08:47:00 Code(s): TAW PDF(s):
Capital raising completed to progress Lithium projects
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(“the Company” or “Tawana”)
CAPITAL RAISING COMPLETED TO PROGRESS LITHIUM PROJECTS
Tawana Resources NL (“Tawana” or the “Company”) is pleased to announce that it has
received commitments for a placement to raise $7.2 million (before costs) via the issue of
60 million shares at an issue price of $0.12 per share. The placement was strongly supported
by quality institutional investors, reflecting the quality of the Company’s lithium assets.
Under the terms of the placement, the Company will issue 29,628,825 shares under its 15%
placement capacity in the coming days and will issue a further 30,371,175 shares following
shareholder approval (expected early December).
The placement price of $0.12 per share represents less than an 8% discount to Tawana’s last
traded price of $0.13 on 20 October 2016 and a 3% discount to the 30 day trading VWAP.
The funds from tranche 1 of the placement will be used to continue the substantial drilling
program at the Cowan Lithium Project, conduct due diligence on the adjoining Bald Hill
Mine (refer ASX announcement on 24 October 2016) and complete the drilling and metallurgy
at the Uis Lithium Project in Namibia.
Funds from tranche 2 of the placement will be used to advance the Bald Hill Mine and Cowan
Lithium Project including further drilling, metallurgical test work, engineering studies and
potential development scenarios.
Tawana’s Managing Director, Mr Mark Calderwood stated, “I am extremely pleased with the
level of support from the placement, particularly with some new domestic institutional
shareholders who have joined the register. These funds will be used to rapidly progress our
stated objective of advancing towards spodumene production.”
Canaccord Genuity (Australia) Limited acted as the Lead Manager to the placement.
For and on behalf of the Board
Mark Calderwood -Managing Director
About Tawana (ASX & JSE: TAW)
Tawana Resources NL is an ASX and JSE-listed Company which owns or has earn-in rights to
significant lithium projects in Western Australia and Namibia.
Its principle projects are the 950km2 Cowan and Bald Hill tenement packages located 50km
south east of Kambalda in Western Australia covering two very large pegmatite belts with
significant lithium resource potential. The Bald Hill Mine in one of the few West Australian
mines ever to have produced high grade spodumene concentrate.
The Company also owns the rights to the giant pegmatite tailings project in Namibia. The
tailings stockpile is estimated to be about 20 million tonnes and sampling to date has
indicated potentially attractive lithium grades. Drilling will be completed in October 2016
with assay results available in December 2016.
Forward Looking Statement
This report may contain certain forward looking statements and projections regarding estimated, resources and
reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies
and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes
only and should not be relied upon. They are not guarantees of future performance and involve known and
unknown risks, uncertainties and other factors many of which are beyond the control of Tawana Resources NL.
The forward looking statements/projections are inherently uncertain and may therefore differ materially from
results ultimately achieved.
Tawana Resources NL does not make any representations and provides no warranties concerning the accuracy of
the projections, and disclaims any obligation to update or revise any forward looking statements/projects based
on new information, future events or otherwise except to the extent required by applicable laws. While the
information contained in this report has been prepared in good faith, neither TAW or any of its directors, officers,
agents, employees or advisors give any representation or warranty, express or implied, as to the fairness,
accuracy, completeness or correctness of the information, opinions and conclusions contained in this
presentation. Accordingly, to the maximum extent permitted by law, none of TAW, its directors, employees or
agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited,
contractual, tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the information or
for any of the opinions contained in this announcement or for any errors, omissions or misstatements or for any
loss, howsoever arising, from the use of this announcement.
26 October 2016
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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