Bannerman Energy (ASX:BMN) has completed a fully underwritten $124 million institutional placement to fund construction of its Etango Uranium Project in Namibia.
The placement was priced at $4 per share, with settlement expected on 15 September and allotment on 16 September.
It follows completion of all conditions precedent for Bannerman’s strategic investment and joint venture with CNNC Overseas Limited (CNOL) for the funding, development, and operation of Etango.
Executive Chairman Brandon Munro says the quality of participating investors endorses both the project and the company’s corporate strategy.
“This capital raising resolves the last funding hurdle for Bannerman as we move towards a final investment decision [FID] on the Etango uranium mine and progress to becoming a major new greenfield uranium producer,” Munro says.
Combined with existing cash, near‑term CNOL subscription and reimbursement payments, and CNOL’s pro‑rata working capital contributions, the placement is expected to fully fund Etango through construction and ramp‑up.
Bannerman is also undertaking a non‑underwritten share purchase plan targeting up to $10 million at the same offer price, opening 18 September for eligible shareholders in Australia and New Zealand.
The company expects to make an FID on Etango in the December quarter 2026. A Definitive Feasibility Study completed in December 2022 confirmed the technical and economic viability of conventional open pit mining and heap leach processing at 8 million tonnes per annum, for average annual output of 3.5 million pounds of uranium oxide.
Bannerman received all environmental approvals and was awarded the mining licence in December 2023.
Bannerman Energy is an Australian uranium developer advancing its flagship, fully permitted Etango Uranium Project in Namibia’s Erongo Region.
Write to JC Villarba at Mining.com.au
Images: Bannerman Energy
