BMN 0.00% 3.9¢ bannerman resources limited

bannerman announces terms of offering

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    Bannerman Resources Announces Terms of Offering
    09:14 EST Tuesday, March 04, 2008



    TORONTO, ONTARIO--(Marketwire - March 4, 2008) -

    "NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION INTO THE UNITED STATES"

    Bannerman Resources Ltd. (TSX:BAN)(ASX:BMN) ("Bannerman" or the "Company") announced today that, further to its previously announced filing of a preliminary short form prospectus in respect of a public offering of ordinary shares ("Shares") on March 3, 2008, it has entered into an underwriting agreement with a syndicate of underwriters led by Haywood Securities Inc. and including GMP Securities L.P., Cormark Securities Inc. and Thomas Weisel Partners Canada Inc., to sell 10,500,000 Shares at a price of C$2.00 per Share to raise gross proceeds of C$21,000,000 pursuant to a short form prospectus (the "Offering").

    Bannerman plans to use the net proceeds from the Offering to develop its Goanikontes uranium project in Namibia, other exploration costs and for working capital and general corporate purposes.

    The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the Australian Stock Exchange.

    The Offering is expected to close on or about March 27, 2008.

    These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and these securities may not be offered or sold, directly or indirectly, within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and any applicable state securities laws unless an exemption from registration is available. This news release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
 
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