BMN 0.00% 3.5¢ bannerman resources limited

secured 20 mil convertible note facility

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    Bannerman shares jump on appointment
    November 17, 2008 - 6:10PM

    Shares in uranium miner Bannerman Resources Ltd jumped on Monday after it named the former managing director of struggling lead and zinc miner Perilya Ltd, Len Jubber, as its chief executive.

    Bannerman's shares were up 3.5 cents, or 10.77 per cent, to 36 cents in a negative day on the broader market.

    The Namibia-focused company said Clive Jones, the joint managing director of feisty iron ore explorer Cazaly Resources Ltd, had stood down as Bannerman's interim managing director but would remain as a director.

    "Despite the short-term challenges to junior miners posed by the global credit crunch and weakening commodities prices, the longer-term fundamentals for the uranium sector remain sound," Mr Jubber said.

    Bannerman also said on Monday that it had a secured convertible note facility for up to $20 million with Colorado-based private equity manager Resource Capital Funds.

    Meanwhile, Perilya has advised its shareholders to take no action in relation to an unsolicited takeover offer from fellow lead and zinc miner CBH Resources Ltd until the target's board makes a formal recommendation.

    CBH is offering 2.8 of its shares for every Perilya share held, valuing the target at $22.05 million based on CBH's share price on Monday of four cents, down half a cent or 11.11 per cent.

    The companies abandoned a previously planned friendly merger in June.

    Perilya shares inched one cent, or 6.9 per cent, higher to 15.5 cents on Monday.

    CBH's 12 month share price high was 61.3 cents while Perilya's was $3.80.

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