Landbridge requests extension on Hannans placement tranche

Private Chinese company Shandong Landbridge Group, which announced plans to take a $5.5 million placement in West Perth-based gold and base metals explorer Hannans Reward Ltd in June, has requested a second extension of time.

The first tranche of the placement, worth $2 million, was completed in May, while the second, $3.5 million tranche, was due on August 31, thanks to a prior extension.

Hannans Reward said in an announcement that it planned to continue working with Landbridge, and was fully funded to implement its future exploration programs.

The full text of a Hannans Reward announcement is pasted below

• Shandong Landbridge Group ("Landbridge") requests further extension of time within which to complete 2nd tranche of Placement
  • Hannans Reward Ltd ("Hannans") fully intends to continue working with Landbridge and its wholly owned subsidiary Aus Global Resources Pty Ltd to build a long term mutually beneficial relationship
  • The 2nd tranche of the Placement comprises AUD3.5m at 55 cents per shares
  • The 1st tranche of the Placement, AUD2m at 55 cents per shares, was completed on 1 May 2007
  • Landbridge is currently the fourth largest shareholder in Hannans
  • Hannans remains fully funded to implement its exploration programmes with a cash balance of approximately AUD4m

Summary

Shandong Landbridge Group ("Landbridge") is a respected large private Chinese company based in Rizhao, Shandong Province, China. The Company has business interests including infrastructure construction and management, oil refining and timber milling. Details of the Placement were released to ASX on 17 April 2007, 31 July 2007 and 31 August 2007. Subject to completion of the Placement, Landbridge will be Hannans' second largest shareholder.