Bannerman Energy launches $124M placement for Etango Project
- Bannerman Energy launched a fully underwritten $124 million placement alongside a non-underwritten $10 million share purchase plan to fund its flagship Etango Uranium Project.
- The company issued the placement shares at $4 per share.
- Management aims to complete the strategic joint venture transaction with CNNC Overseas during September to target a final investment decision in the fourth quarter.
Bannerman Energy (ASX:BMN) has launched a fully underwritten placement to raise $124 million to fund its share of residual working capital for the Etango Uranium Project.
The capital raise follows confirmation that all precedent conditions for a strategic investment from CNNC Overseas Limited have been satisfied or waived.
"Our recent transformational project funding arrangement with global nuclear leader CNNC/CNOL brings a targeted Final Investment Decision on the Etango Uranium Project into sharp focus," said Bannerman Energy Managing Director and CEO Gavin Chamberlain.
The proceeds will cover Bannerman Energy's 55% share of the remaining construction requirements, general expenses, and an additional liquidity buffer.
Following the announcement, the Bannerman Energy share price was unchanged at $4.23 as the stock entered a trading halt.
The company is developing the world-class Etango Project in Namibia, aiming for full-scale construction approval in the final quarter of 2026.
Under the joint venture agreement, partner CNNC Overseas will hold a 45% stake in the entity owning the project and acquire 60% of its production.
