Uranium miner Bannerman Energy has completed its equity offering to raise A$124-million at an issue price of A$4 a share to complete its Etango uranium project, in Namibia.
The placement, alongside Bannerman’s existing cash, and significant partner and project investor China National Nuclear Corporation Overseas’ near-term subscription and reimbursement payments and working capital contributions, is expected to fully fund Etango through the construction and ramp-up phases.
“We are delighted with the support from our existing and new shareholders. The quality of the participating investors is a powerful endorsement of the Etango project and our corporate strategy.
“With Etango construction now fully funded, with no debt, a world-class partner and with all of our working capital obligations backed by a strong balance sheet, Bannerman is exceptionally well positioned for the next phase of development,” comments Bannerman executive chairperson Brandon Munro.