Bannerman Ups Its Game, Lists On TSX

By Glenn Dyer | More Articles by Glenn Dyer

Perth-based uranium explorer, Bannerman Resources joined a long list of companies after today confirming its plans to list on the Toronto Stock Exchange (TSX) had been conditionally approved.

The company will continue its existing listing on the Australian Stock Exchange.

"The listing on the main board of the TSX will expose Bannerman to deep Canadian and US capital markets, the likely source of a significant portion of the financing required to fund the bankable feasibility study in 2008," managing director Peter Batten said.

In addition, the company has appointed a new chief financial officer; Mike Robbins who has over 22 years of experience within the resources industry at both project and corporate level.

Bannerman's main focus is on exploration and development of uranium projects in Namibia and Botswana.

Following a sharp fall in uranium price to a low of US$75 from highs of US$138 earlier in the year, Bannerman's stock price has displayed considerable volatility.

It reached a high of $3.94 in April, only to fall to a low of $1.30 in August.

Since then, it has regained its previous momentum, steadily climbing back up to a high of $3.67 on Monday, boosted by an improving uranium price and last week's "buy" recommendation from Toronto-based Westwind Partners.

While uranium prices are likely to continue to be volatile, the long term outlook for the environmentally friendly energy source looks positive.

Bannerman Resources joins a list of miners to pursue TSX listings; uranium explorer Fusion Resources Ltd, copper explorer Tiger Resources Ltd and gold companies Azure Mineral Ltd and Dioro Exploration are recent examples.

The company's ordinary shares will be traded under the symbol BAN once listed on the TSX.

Bannerman said it will advise of the effective date of trading shortly.

BMN dipped 22 cents to $3.45.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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