Resource Capital Fund VI L.P. Acquires Shares of Bannerman Resources Limited

DENVER, April 24, 2015 /CNW/ - Resource Capital Fund VI L.P. ("RCF VI") reports that it has acquired 16,538,461 ordinary shares (the "Acquired Shares") of Bannerman Resources Limited ("Bannerman") pursuant to a private placement by Bannerman at a price of A$0.052 per Acquired Share.

Prior to receiving the Acquired Shares, Resource Capital Fund IV L.P. ("RCF IV") and RCF VI (collectively, "RCF"), which are under common management by RCF Management LLC, owned and controlled approximately 17.99% of the outstanding ordinary shares. In addition, RCF holds notes with an aggregate principal value of A$12,000,000, which are convertible into ordinary shares at a conversion price of A$0.0950 until September 30, 2016 (the "Notes").

Including the Acquired Shares, RCF now owns and controls 77,648,273 ordinary shares representing approximately 22.86% of the outstanding ordinary shares. Assuming the exercise of the Notes, RCF would own and control 203,964,062 ordinary shares representing approximately 60.04% of the outstanding ordinary shares on a partially diluted basis.

The Acquired Shares were acquired for investment purposes. RCF may in the future decide to invest in the ordinary shares and, if so, RCF will evaluate any future investment in Bannerman from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings in Bannerman as circumstances require.  

SOURCE Resource Capital Fund VI L.P.

and to obtain a copy of the revised early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Bannerman's profile on the SEDAR website www.sedar.com or contact: Resource Capital Fund IV L.P., 1400 Sixteenth Street, Suite 200, Denver, CO, 80202, Telephone: [phone], Attn: Molly Campbell; Resource Capital Fund VI L.P, 1400 Sixteenth Street, Suite 200, Denver, CO, 80202, Telephone: [phone], Attn: Molly Campbell