The Perth-based uranium junior the past announced the 61c-a-share bid and said it strongly opposed it because it sees the go as timed to take advantage of the company's low share price that has been driven downward by negative sentiment following Japan's nuclear crisis.
Hanlong's bid is to secure manage of Bannerman's two uranium interests in Namibia, with its flagship Etango project situated close to Rio Tinto's massive Rossing mine.Bannerman said that the company had been undertaking a procedure to identify a suitable joint venture partner to facilitate the financing, development and process of the Etango project.
"As part of this process, Bannerman has been in discussions with a number of huge and well-funded parties," it said."As part of its proposal, Hanlong is looking for a three-month period of exclusivity. Bannerman has determined that it is not appropriate to grant Hanlong exclusivity given the nonappearance of agreement on price and the conditionality of the proposal."
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