Bannerman Energy secures US$321.5M financing deal

• Bannerman Energy completed all conditions for its strategic financing agreement with CNNC Overseas.
• The company secured up to US$321.5 million in funding while launching an underwritten $124 million share placement.
• The agreement establishes a joint venture to fund the development of the Etango Uranium Project on a debt-free basis.

Bannerman Energy (ASX:BMN) has satisfied all key conditions precedent to complete its US$321.5 million strategic financing deal with CNNC Overseas.

The agreement follows extended negotiations to fund and construct the company's flagship Etango Uranium Project located in Namibia.

The transaction delivers an optimised finance solution for the development of Etango and provides ideal support to broader company aspirations.

Under the deal terms, CNNC Overseas will acquire a 45% stake in the holding company for an initial US$294.5 million alongside up to US$27 million in project expense reimbursements.

Following the announcement, the Bannerman Energy share price was down at $3.68.

The broader operational agreement gives CNNC Overseas a life-of-mine offtake entitlement for 60% of total uranium production from the mine.