Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Bannerman Resources Substantial Holder Posts Increase

Bannerman Resources' (ASX:BMN) recent $2 million capital raising bore fruit as shareholder Resource Capital Fund VI L.P invested a further $860,000 to add 16,538,461 shares to its 21.05% holding.

RCF VI took up its holding as part of the share purchase plan and took advantage of a shortfall to take its holding to 77,648,273 shares in Bannerman Resources.

The raising, which was struck at $0.052 per share will be used to operate the Heap Leach Demonstration Plant recently constructed by Bannerman at its 80% owned Etango Uranium Project.

The project is one of the largest globally undeveloped uranium deposits, located in Namibia near to Rio Tinto's (NYSE:RIO) Rössing uranium mine, Paladin Energy's (NYSE:PDN) Langer Heinrich uranium mine and CGNPC's Husab uranium mine - under construction.

First test results from the demonstration plant are due in the June 2015 quarter and should provide a barometer of progress and also be watched closely by potential joint venture partners and investors, alike.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.