Bannerman, Geingos foundation deal sealed
Bannerman Resources Limited announced the completion of the Namibian partner transaction last week.
This sees Bannerman welcome the One Economy Foundation as a 5% shareholder in Bannerman Mining Resources. “The detailed process undertaken highlighted the One Economy Foundation as an ideal partner,” said Bannerman´s CEO Brandon Munro.
“In addition to social programmes that closely align with Bannerman's corporate social responsibility vision, the One Economy Foundation's board and management demonstrate exceptional leadership across all facets of the Namibian economy.”
The One Economy Foundation will be loan carried for all future project expenditure including pre-construction and development expenditure, with the loan capital and accrued interest repayable from future dividends. Bannerman Resources Limited owns the remaining 95% of Bannerman Resources.
The transaction fulfils an emerging industry-wide requirement for a minimum of 5% Namibian ownership.
The satisfaction of this requirement was also a specific condition to the July 2016 renewal of Exclusive Prospecting Licence 3345 on, which the Etango Uranium Project is situated.
In August 2016, BMRN engaged investment bank RMB Namibia to undertake a process to identify Namibian investors and broad-based beneficiaries to meet the 5% Namibian ownership requirement.
The One Economy Foundation was established as a Section 21 non-profit organisation by First Lady Monica Geingos last year May.
According to her, the foundation exists to facilitate the full social and economic participation of identified communities to break aspects of the poverty cycle by highlighting the root causes, maximising the potential of as many Namibian people and to strengthen those who are already on track to become better.
STAFF REPORTER
This sees Bannerman welcome the One Economy Foundation as a 5% shareholder in Bannerman Mining Resources. “The detailed process undertaken highlighted the One Economy Foundation as an ideal partner,” said Bannerman´s CEO Brandon Munro.
“In addition to social programmes that closely align with Bannerman's corporate social responsibility vision, the One Economy Foundation's board and management demonstrate exceptional leadership across all facets of the Namibian economy.”
The One Economy Foundation will be loan carried for all future project expenditure including pre-construction and development expenditure, with the loan capital and accrued interest repayable from future dividends. Bannerman Resources Limited owns the remaining 95% of Bannerman Resources.
The transaction fulfils an emerging industry-wide requirement for a minimum of 5% Namibian ownership.
The satisfaction of this requirement was also a specific condition to the July 2016 renewal of Exclusive Prospecting Licence 3345 on, which the Etango Uranium Project is situated.
In August 2016, BMRN engaged investment bank RMB Namibia to undertake a process to identify Namibian investors and broad-based beneficiaries to meet the 5% Namibian ownership requirement.
The One Economy Foundation was established as a Section 21 non-profit organisation by First Lady Monica Geingos last year May.
According to her, the foundation exists to facilitate the full social and economic participation of identified communities to break aspects of the poverty cycle by highlighting the root causes, maximising the potential of as many Namibian people and to strengthen those who are already on track to become better.
STAFF REPORTER
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Namibian Sun
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